The Neiman Marcus Group reported a net loss of $366.3 million for its fourth quarter ended July 29, including non-cash impairment charges of $357 million primarily related to the Neiman Marcus and Bergdorf Goodman brands.
That compared to a net loss of $407.3 million in the year ago period when $466.2 million in non-cash impairment charges were reported.
Adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter were $48.2 million, compared to $64.5 million in the prior year. For the year, adjusted EBITDA came to $433.8 million compared to $584.9 million.
Revenues in the latest quarter dropped 0.5 percent on a comparable basis to $1.12 billion in the quarter. For the year revenues dropped 5.2 percent to $4.71 billion.
There was a net loss of $531.8 million in fiscal year 2017, including non-cash impairment charges of $510.7million. The company had interest expenses of $295.7 million last year.
In its report, the company said that online sales were growing, that there was greater sales stability at full-line stores and improved inventory alignment. The Dallas-based luxury retailer also said that it was introducing a new strategy called “Digital First” to “further its leadership in the luxury retail space by anticipating customers’ evolving behaviors and engaging them more deeply to drive traffic online and in stores.”