CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header

Local

Neiman Marcus Posts Wider Q4 Loss

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

tbt10 Neiman Marcus Posts Wider Q4 LossPick Your Favorite Throwbact Thursday Song

75829598 Neiman Marcus Posts Wider Q4 LossSteven Colbert To Replace Letterman

godzilla image for story Neiman Marcus Posts Wider Q4 LossNew Godzilla Trailer Hits The Internet

155742164 Neiman Marcus Posts Wider Q4 LossPick Your Favorite Victoria Secret Model

Featured Items

Fantasy_tileHottest Olympians

pet_tileYour Pet Photos

weather_tileSend Us Your Weather Photos

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.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments