Neiman Marcus’ Woes Continue with Quarterly Losses
Neiman Marcus reported its third-quarter numbers this week, and it wasn’t good news. The retailer’s revenue dropped from $1.17 billion last year to $1.06 billion this year. Comparable sales dropped 1.5 percent from last year, a drastic change from the 7.3 percent increase reported at this time last year. Net losses were $31.2 million, sharply up from $19.9 million in net losses last year.
Neiman Marcus has been hampered by a debt load of some $4.5 billion, but executives announced that it’s garnered some relief, in the form of a deal with lenders that extends term loan maturities by a couple of years to 2023 and 2024.
Read more at Retail Dive.