Neiman Marcus reports fifth consecutive quarter of comparable sales increases
Struggling Dallas, Texas-based luxury retail group Neiman Marcus Ltd LLC announced a comparative sales rise of 2.8% on Thursday, its fifth straight quarter of comps gains.
The company, which has $4.8 billion in debt that comes due beginning October 2020, achieved total revenues of $1.10 billion in the first quarter ended October 27, 2018, flat compared to the prior-year period.
According to Neiman Marcus Group CEO Geoffroy van Raemdonck, the company’s online sales increased by 8.9% during the period.
Nonetheless, despite its sales gains, the company’s net loss totaled $28.2 million, compared to $26.2 million in the first quarter of the previous year.
“Our first quarter results, marking our fifth consecutive quarter of comparable revenue increases, demonstrate the ongoing stabilization of our business. We continue to focus on delivering on our plan this year, while also positioning the company for future growth,” said Raemdonck in a release. “We will continue to drive innovation that enriches the shopping experience, including investing in personalization and omni-selling.”
In September, Neiman Marcus transferred its MyTheresa online retail banner to a separate entity controlled by the parent company, a development which has been criticized by some of the group’s debtholders, who claim that the transfer has moved key assets out of their reach.
As a result of the move, Neiman Marcus only reported two months of MyTheresa results in its latest quarterly financial report.
Earlier this month, the company announced that it had failed to come to an agreement with noteholders and term lenders to restructure its debt.
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