Neiman Marcus posted declines in revenue and same-store sales on the same day that the company losta 25-year veteran who had been responsible for in-store visual design.
For the second fiscal quarter ended Jan. 30, the company reported total revenues of $1.49 billion, a decrease of 2.3% compared to total revenues of $1.52 billion for the second quarter of fiscal 2015. Same-store sales decreased 2.4% (the second straight quarter of comp declines) and the company reported net earnings of $7.9 million, compared to net earnings of $27.8 million for the second quarter of fiscal 2015. Adjusted EBITDA was $183 million compared to adjusted EBITDA of $205.9 million in the prior year.
According to the Dallas Business Journal, the retailer lost its visual design guru, Ignaz Gorischek, this week when he joined architectural and design firm CallisonRTKL as VP of its Dallas office. Gorischek, who formerly served as vice president of store development for Neiman, worked in visual and store planning for the Dallas luxury retailer. During nearly two decades with the company, he helped open Neiman locations in San Antonio; Coral Gables, Florida; and Natick, Massachusetts.
For the 26 weeks ended Jan. 30, the retailer reported total revenues of $2.65 billion, representing a decrease of 2.1% compared to total revenues of $2.71 billion in the prior year. During this same period, same-store sales decreased 3.8% and the company reported a net loss of $2.7 million compared to net earnings of $28 million in the prior year. Adjusted EBITDA for the 26 weeks ended January 30, 2016 was $347.3 million, compared to adjusted EBITDA of $400.1 million for prior year.
Other upscale retailers such as Nordstrom and Bloomingdales have blamed sales declines on warm weather and the strong dollar.