Neiman Marcus Posts Wider Q4 Loss
DALLAS (AP) - Neiman Marcus Inc.’s fiscal fourth-quarter loss widened despite solid sales increases, pulled down by costs tied to debt.
The upscale department store chain reported Friday that it lost $61.4 million for the period ended July 30. That compares with a loss of $32.8 million a year earlier.
Removing a $42.7 million loss on debt extinguishment, the privately held retailer lost $18.7 million in the quarter. Neiman refinanced part of its debt earlier this year.
The Dallas-based company said revenue climbed 11 percent to $919.7 million from $826.3 million. Sales for luxury sellers have been strong because spending by wealthier shoppers recovered more quickly from the recession than for others.
Revenue at stores open at least a year rose 11 percent. This figure is a key gauge of a retailer’s operating performance because it excludes results from stores recently opened or closed.
For the year, Neiman Marcus earned $31.6 million. That compares with a loss of $1.8 million in the previous year.
Adjusted earnings were $74.3 million.
Annual revenue increased 8 percent to $4 billion from $3.69 billion.
Revenue at stores open at least a year rose 8.1 percent.
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