Jason Voinov

There’s no turnaround just yet at Neiman Marcus Group — and the company is no longer on the block.

“At this time any conversations regarding a partial or full sale of the company have terminated,” said Karen Katz, president and chief executive officer, regarding the company’s announcement earlier this year that it was exploring strategic alternatives including a possible sale by its owners. Katz revealed the decision during a conference call with investors, following the release of the Neiman’s fiscal third-quarter results.

Neiman’s reported a net loss of $24.9 million for the third quarter ended April 29, compared to net earnings of $3.8 million for the year-ago third quarter.

Earnings before interest, taxes, depreciation and amortization declined to $135.9 million compared to $173.2 million in the prior year.

Total revenue in the last quarter reached $1.11 billion, representing a 4.9 percent decrease compared to total revenues of $1.17 billion for the year-ago period. Comparable revenues decreased 4.9 percent.

Year-to-date adjusted EBITDA was $385.6 million compared to $520.4 million for the same period in the prior year.
Including non-cash impairment charges of $153.8 million  primarily related to the Neiman Marcus brand, there was a net loss of $165.5 million compared to net earnings of $1.1 million in the prior year.

On a year-to-date basis, Neiman’s reported total revenues of $3.59 billion, representing a decrease of 6.2 percent compared to total revenues of $3.82 billion for the same period in the prior year.

The group operates the Neiman Marcus, Bergdorf Goodman and Cusp stores, as well as Horchow and Mytheresa.com.

load comments
blog comments powered by Disqus