Luxury department store retailer shelves sale
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Neiman Marcus Group is going it alone — at least, for now.
Neiman Marcus on Tuesday posted a disappointing quarter in which it posted its fourth consecutive quarterly loss. The luxury fashion retailer also revealed that it is no longer in discussion with Hudson's Bay Company regarding a possible sale.
"We previously announced that the company was exploring strategic alternatives," chief executive Karen Katz said on the retailer's earnings call. "However, at this time, any conversations regaring a partial or full sale of the company have been terminated."
Neiman Marcus' total revenues fell 4.9% to $1.11 billion in the third quarter, ended April 21, down from $1.17 billion in the year-ago period. Same-store sales decreased 4.9%.
The company reported a net loss of $24.9 million for the quarter. This compared to net earnings of $3.8 million for the same period last year.
In March, Neiman Marcus announced that it was exploring options. The company is under pressure from a heavy debt load, much of which stems from its $6 billion leveraged buyout in 2013. The retailer is also challenged with declining sales due to increased online and fast-fashion competition.