Neiman Marcus bets on new innovation strategy with sales boost
Neiman Marcus Group announced on Wednesday year-over-year sales growth for the third consecutive quarter, allowing the company to further trust its innovation strategy.
The US luxury retailer reported total revenues of $1.17 billion, up 4.8 percent, for its third quarter, ended April 28, 2018. This compared to total revenues of $1.11 billion for the third quarter of fiscal year 2017.
Same-store sales increased 6 percent, while online sales were also a highlight up 17.1 percent to $416 million, representing more than 35 percent of overall sales.
The Dallas, Texas-based company also narrowed its net loss during the quarter, which was $19.9 million compared to a net loss of $24.9 million for the third quarter of fiscal year 2017.
Neiman Marcus cited a provisional non-cash income tax benefit of approximately $386.2 million in fiscal year 2018, and non-cash impairment charges of $153.8 million in the second quarter of fiscal year 2017, still impacting bottom line results.
Meanwhile, on a year-to-date basis, the company reported total revenues of $3.77 billion, representing an increase of 5.1 percent compared to total revenues of $3.59 billion for the same period in the prior year. During this same period, comparable revenues increased 5.7 percent.
“Our strategy is working, so we will continue to be laser-focused on areas that set us apart from competitors – innovation that enhances the customer experience, a strong high-performance culture and new partnerships with both emerging and industry-leading luxury brands,” said Geoffroy van Raemdonck, Chief Executive Officer.
“Our customers trust us to be a curator of trends today and tomorrow, and we are delivering for them.”
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