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Neiman Marcus posts loss in second quarter

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Neiman Marcus

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American luxury fashion retailer Neiman Marcus Group has announced financial results for the second quarter ended January 28, 2017 and it also hinted to introduce some changes including a sale or a change in capital structure. During the period under review, the retailer noted a decrease of 6.1 per cent and managed to achieve total revenue of US $ 1.40 billion compared to US $ 1.49 billion for the same period in corresponding period last year.

The company reported a net loss of US $ 117.1 million compared to net earnings of US $ 7.9 million for the second quarter of fiscal year 2016. Net revenue for the quarter fell 6.1 per cent to US $ 1.4 billion. For 2016, the retailer noted a decrease of 6.7 per cent and its revenue stood at US $ 2.47 billion and net loss was US $ 140.6 million.

Also ReadNeiman Marcus Group withdraws its IPO

Investment bank Lazard Ltd. has been hired by Neiman Marcus to restructure its debt, which stems from its US $ 6 billion buyout in 2013. In addition, earlier this year the company withdrew its IPO due to its US $ 5 billion debt and US $ 6.4 billion in liabilities.

 

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