Neiman Marcus reports slight decrease in revenue in Q1 2016
Neiman Marcus Group LTD LLC reported on Monday its financial results for its first quarter of fiscal 2016 ended on October 31, 2015.
The company reported a 1.8% decrease in total revenue to $1.16 billion from $1.19 billion in the first quarter of the previous year. Comparable revenues decreased 5.6% and the Adjusted EBITDA decreased to $164.3 million compared to $194.3 million in the prior year. The company reported a net loss of $10.5 million compared to net earnings of $0.2 million in the previous year.
This year, Bergdorf Goodman, the luxury retailer under Neiman Marcus, unveiled its new Modernist floor featuring shop-in-shops from designers like Calvin Klein, Brunello Cucinelli, Maiyet, Baja East and anchor brand, The Row. The Modernist floor is part of the retailers BG2020 renovation plan, which also includes an expanded women’s store and relocated offices.
In November, Neiman Marcus also selected the design firm to develop its new 250,000-square-foot New York City flagship store slated to open in 2018. To prepare for the new stores and acquisitions, the company laid off 500 employees, or 3% of its workforce.
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