Neiman Marcus clocks $5 billion in GMV for fiscal 2022
Neiman Marcus Group (NMG) announced on Wednesday business highlights for the full year ended July 31, 2022, including gross merchandise revenues (GMV) of $5 billion for the twelve months.
The owner of Neiman Marcus and Bergdorf Goodman said its also delivered "meaningful" year-over-year gross margin expansion, supported by "healthy" 80% full price selling, which led to 11% EBITDA margin for FY22.
"We are very pleased with the strong performance delivered in fiscal 2022, which validates our ambitious strategy and our team's impressive execution," said Geoffroy van Raemdonck, chief executive officer of NMG.
"Our fiscal year concluded at the end of July, throughout which our teams worked diligently to achieve over 30% comparable sales versus the previous year and $495 million in adjusted EBITDA."
As part of the update, NMG disclosed key data pertaining to its customers, revealing the top 2% of customers drove approximately 40% of total sales in FY22. NMG said that 80% of its top customers have at least $1 million of net worth, with an average spend over $25,000 annually, buying with NMG more than 25 times a year.
The company also said it registered 90% top customer retention during FY22.
"Our top customers are highly loyal and drove 40 percent of total sales in FY22," continued van Raemdonck. "Our brand partners come to us to reach our affluent customers through a premier integrated luxury retail experience. We believe our business model positions us well as we navigate the uncertain macroeconomic environment ahead."
Other highlights included NMG's acquisition of Stylyze at the beginning of the fiscal year, before partnering with Farfetch and its Farfetch Platform Solutions (FPS) in April, to re-platform its Bergdorf Goodman website and mobile application.
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