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Neiman Marcus net loss expands as it explores sale

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today Mar 15, 2017
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Neiman Marcus on Tuesday reported its second quarter financial results. The luxury retailer has watched its debt climb upwards of $5 billion and has seen its net loss increase every quarter.
 
The second quarter net loss was $117.1 million, compared to net earnings of $7.9 million in the previous year, and net revenue for the quarter fell 6.1% to $1.4 billion.


Neiman Marcus

 
For the 26 weeks ending January 28, net revenues were $2.47 billion, a decrease of 6.7%, and net losses were $140.6 million. In addition, adjusted EBITDA fell to $126.8 million in the second quarter and $249.7 million in the 26 weeks.
 
Neiman Marcus also announced on Tuesday that it is exploring strategic alternatives, including a sale or a change in capital structure. Hudson’s Bay is in talks to acquire the retailer, but according to the Wall Street Journal, the sale would not include the retailer’s debt.

This month, Neiman Marcus hired investment bank Lazard Ltd to restructure its debt, which stems from its $6 billion buyout in 2013. In addition, the company in January withdrew its IPO due to its $5 billion debt and $6.4 billion in liabilities.
 
The retailer has also introduced new features and partnerships to attract and maintain its customer base. In November 2016, it opened a Rent the Runway shop-in-shop to get familiar with the fashion rental service’s customer, which is primarily comprised of young millennial women. Neiman Marcus also launched a plus size department at its Last Call stores in February.
 
CEO Karen Katz said in a conference call in December that the retailer’s falling sales are due to a lack of customer loyalty.
 
“Our core customer is visiting us a little less frequently and customers in general are a little less loyal to any one retailer,” she said. “They continue to shop for the best deal and the lowest price.”
 
Neiman Marcus currently operates 42 stores and 27 Last Call clearance centers. The retailer is also building its first New York City flagship location at The Shops at Hudson Yards. The 250,000-square-foot, multi-level store will open in 2018.

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