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Neiman Marcus' loss narrows as sales rise
September 13, 2012 / 1:00 PM / 5 years ago

Neiman Marcus' loss narrows as sales rise

Sept 13 (Reuters) - Neiman Marcus Group Inc reported a smaller loss for its fourth quarter, helped by sales gains at its stores as well as online.

Neiman, a privately held operator of a namesake chain of upscale department stores and outlets, posted a net loss of $11.1 million for the fourth quarter ended July 28, compared to a loss of $61.4 million a year earlier.

For the quarter, EBITDA -- which measures earnings before interest, taxes, depreciation and amortization -- was $71.9 million, compared to $67.5 a year earlier. EBITDA is closely watched by private equity companies looking to take a company public or to sell it.

The company said it plans to launch a full-price e-commerce website in China by the end of fiscal year 2013.

The luxury retailer invested in Hong Kong-based Glamour Sales Holding earlier this year to tap into China’s expanding luxury retail market.

Neiman’s quarterly revenue rose about 10 percent to $1.01 billion, helped by a 7.9 percent rise in comparable sales.

Online sales, representing a fifth of its total, rose about 19 percent to $209.7 million in the quarter. Revenue from its retail outlets, including the Bergdorf Goodman stores, were up 7 percent at $795.7 million.

Neiman’s gains reflect those of the luxury segment more broadly: peers Saks Inc and Nordstrom Inc also saw large sales gains during the quarter.

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