Neiman Marcus Q3 comparable sales drop, net loss widens
By Prachi Singh
12 Jun 2019
For its third quarter to April 26, 2019, Neiman Marcus Group Ltd LLC reported total revenues of 1.1 billion dollars, representing a decrease in comparable sales of 1.5 percent from the same quarter a year ago. The company’s net loss for the quarter was 31.2 million dollars compared with 19.9 million dollars for the third quarter of fiscal year 2018.
“We continue to drive innovation and are making long-term investments in technology and customer centric capabilities that will both enrich the shopping experience and position the company for long-term growth” said Geoffroy van Raemdonck, Chief Executive Officer, Neiman Marcus Group in a statement.
Review of Neiman Marcus’ third quarter
Adjusted EBITDA for the third quarter was 126.5 million dollars compared to 143.8 million dollars for the same quarter a year ago. Excluding MyTheresa, US adjusted EBITDA was 126.5 million dollars compared to 143.1 million dollars last year.
For the 39 weeks ended April 27, 2019, the company reported total revenues of 3.6 billion dollars, an increase in comparable sales of 0.7 percent, while net loss for the period was 88.4 million dollars compared with net earnings of 326.4 million dollars in the prior year. Adjusted EBITDA was 396.1 million dollars compared to 421 million dollars for the same period in the prior year. Excluding MyTheresa, US adjusted EBITDA was 397 million dollars compared to 410.5 million dollars for the same period in the prior year.
MyTheresa Group continues positive performance
For the third quarter, the company said, NMG Germany GmbH and its subsidiaries including the MyTheresa Group reported net revenues of 97.5 million euros (110.7 million dollars), an increase of 23.6 percent, while MyTheresa Group’s operative EBITDA increased from 0.2 million euros or 0.7 million dollars to 4.1 million euros or 4.4 million dollars in the third quarter of the current fiscal year.
For the 39 weeks ended March 31, 2019, the MyTheresa Group net revenues were 272 million euros or 311.5 million dollars, an increase of 25.7 percent, while operative EBITDA increased from 8.4 million euros or 10.4 million dollars to 15.3 million euros or 17.4 million dollars in fiscal year 2019.