Neiman Marcus returns to profitability in Q2
Neiman Marcus Group reported its second consecutive quarter of year-over-year sales growth as the company’s recent investments in new technologies and marketing tools and digital emphasis appear to be paying off.
The company reported net earnings of $346.3 million for its second quarter, ended Jan. 27, compared to a net loss of $140.6 million in the year-ago period. Including a provisional non-cash income tax benefit of approximately $384.1 million in the second quarter of fiscal year 2018 and non-cash impairment charges of $153.8 million in 2017, total revenues in the quarter rose 6.2% to $1.48 billion. Same-store sales increased 6.7%.
“I am excited about our momentum, which underscores Neiman Marcus Group is truly unique within our industry for our ability to deliver on a personalized luxury shopping experience across channels and brands,” commented Geoffroy van Raemdonck, CEO, Neiman Marcus Group. “We will continue to innovate and invest in the business to envision new ways to serve the luxury customers of today and tomorrow.”
van Raemdonck took the reins of Neiman Marcus in February, succeeding Karen Katz, who retired after holding the top job for some 10 years. Prior to Neiman Marcus, served as group president for EMEA (Europe, Middle East and Africa) and global travel retail at Ralph Lauren.
The company reported net earnings of $346.3 million for its second quarter, ended Jan. 27, compared to a net loss of $140.6 million in the year-ago period. Including a provisional non-cash income tax benefit of approximately $384.1 million in the second quarter of fiscal year 2018 and non-cash impairment charges of $153.8 million in 2017, total revenues in the quarter rose 6.2% to $1.48 billion. Same-store sales increased 6.7%.
“I am excited about our momentum, which underscores Neiman Marcus Group is truly unique within our industry for our ability to deliver on a personalized luxury shopping experience across channels and brands,” commented Geoffroy van Raemdonck, CEO, Neiman Marcus Group. “We will continue to innovate and invest in the business to envision new ways to serve the luxury customers of today and tomorrow.”
van Raemdonck took the reins of Neiman Marcus in February, succeeding Karen Katz, who retired after holding the top job for some 10 years. Prior to Neiman Marcus, served as group president for EMEA (Europe, Middle East and Africa) and global travel retail at Ralph Lauren.