Business

Neiman Marcus Reported Second Quarter Earnings, Exploring Potential Strategic Alternatives

Neiman Marcus Reported Second Quarter Earnings, Exploring Potential Strategic Alternatives

Luxury retailer Neiman Marcus may sell itself, in another blow to traditional brick-and-mortar retailers. It reported a net loss of $117 million, including a non-cash impairment charge of $153.8 million, compared with net earnings of $7.9 million a year ago. The debt load stems from the $6 billion acquisition of the company by the Canada Pension Plan Investment Board and Ares Management in 2013.

Neiman Marcus also reported a 6.1 per cent drop in second-quarter revenue as issues in its new merchandising and distribution system forced the company to take additional markdowns.

Luxury fashion retailer Neiman Marcus Group Ltd LLC [NMRCUS.UL] said on Tuesday it was exploring strategic alternatives, including a sale of the company.

Total revenues came to $1.4 billion, a decrease of 6.1 percent compared to total revenues of $1.49 billion for the second quarter of fiscal year 2016.

Neiman Marcus is the latest retailer to face struggles, thanks to shifts in consumer buying habits and unpredictable weather.


The Texas-based retailer, which like its rivals has suffered from a decline in mall traffic and strength of the USA dollar, said on Tuesday that revenues declined 6.1 per cent to $1.4bn in the three months to January 28, while like-for-like sales, a key industry metric, slid 6.8 per cent.

J.C. Penney Co. Inc., Macy's Inc. and Sears have all announced plans to close stores.

According to a report from the Wall Street Journal, Hudson's Bay is seeking a deal for the merger which will not include debt. But investors were hesitant about a deal that would anchor them in shopping malls which are seeing declining foot traffic.

The strong US dollar is also hurting sales, Katz said, noting that Neiman Marcus has seen a drop in foreign shoppers in cities such as New York, Miami and Las Vegas.


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