Neiman Marcus Group, showing signs that its core business is improving and helped by some tax benefits, reported net earnings of $346.3 million for its second fiscal quarter ended Jan. 27, compared to a net loss of $140.6 million in the year-ago period.
Adjusted earnings before interest, taxes, depreciation and amortization were $277.2 million, compared to $249.7 million for the same period in the prior year. The company cited a provisional non-cash income tax benefit of $384.1 million in fiscal year 2018 and non-cash impairment charges of $153.8 million as impacting the bottom line.
“I am excited about our momentum, which underscores Neiman Marcus Group is truly unique within our industry for our ability to deliver on a personalized luxury shopping experience across channels and brands,” said Geoffroy van Raemdonck, NMG’s new chief executive officer. “We will continue to innovate and invest in the business to envision new ways to serve the luxury customers of today and tomorrow.”
Total revenues in the second fiscal quarter came to $1.48 billion, representing an increase of 6.2 percent, compared to total revenues of $1.4 billion for the second quarter of fiscal year 2017. Comparable revenues increased 6.7 percent.
The company also cited technology investments and digital growth as contributing to the quarter’s gains.