NEIMAN MARCUS POSTS SIGNIFICANT LOSSES IN THIRD QUARTER
Dallas-based retailer Neiman Marcus Group LTD has reported financial results for its third fiscal quarter ended April 29, 2017.
For the third quarter, Neiman-Marcus reported total revenues of $1.11 billion, representing a decrease of 4.9 percent compared to total revenues of $1.17 billion for the third quarter of fiscal year 2016. During this same period, comparable revenues decreased 4.9 percent.
The company also reported a net loss of $24.9 million compared to net earnings of $3.8 million for the third quarter of fiscal year 2016. Adjusted EBITDA for the third quarter of fiscal year 2017 was $135.9 million compared to $173.2 million in the prior year.
On a year-to-date basis, Neiman-Marcus 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. During this same period, comparable revenues decreased 6.6 percent. In addition, the retailer reported a net loss of $165.5 million compared to net earnings of $1.1 million in the prior year, and year-to-date adjusted EBITDA was $385.6 million compared to $520.4 million for the same period in the prior year.
