- Prachi Singh |
For the fourth quarter ended July 29, 2017, the Neiman Marcus Group reported total revenues of 1.12 billion dollars, a decrease of 0.5 percent. Net loss was 366.3 million dollars compared to 407.3 million dollars in the prior year fourth quarter. Total revenue for the full year was 4.71 billion dollars, a decrease of 5.2 percent. The company’s net loss for the year was 531.8 million dollars compared to 406.1 million dollars in the prior year.
Adjusted EBITDA for the quarter was 48.2 million dollars compared to 64.5 million dollars in the prior year’s fourth quarter. Fiscal year 2017 adjusted EBITDA was 433.8 million dollars compared to 584.9 million dollars in the prior year.
Despite decline in Q4 and annual revenues, the company said, that the results showed growing online sales, greater sales stability at full-line stores, and improved inventory alignment. The company added that it is introducing a new strategy, called ‘Digital First’, to further its leadership position in the luxury retail space by anticipating customers’ evolving behaviors and engaging them more deeply to drive traffic online and in stores.