Neiman Marcus Q4 loss widens on debt-related expense as sales rise 11%
Dallas -- Neiman Marcus Group reported a fiscal fourth-quarter loss on debt-related expense and slightly lower margins, even as its revenue rose 11%.
For the quarter ended July 30, Neiman Marcus lost $61.4 million, compared with a year-earlier loss of $32.8 million. Excluding a $42.7 million after-tax loss on debt extinguishment, the adjusted loss was $18.7 million. Gross margin narrowed to 30.5% from 30.9%.
Sales rose 11% to $919.7 million. Same-store sales rose 11%. Similar to other upscale marketers, Neiman Marcus has seen its sales rise the past year as post-recession wealthy shoppers resumed their spending. But industry experts warn that ongoing economic uncertainty and stock market volatility could begin to eat into sales going forward.
For the year, Neiman Marcus earned $31.6 million, compared with a loss of $1.8 million in the previous year.
Annual revenue increased 8% to $4 billion, and same-store sales rose 8.1%.