Neiman Marcus Group sees net loss widen to $31.2m
Texas-based luxury retailer Neiman Marcus Group reported a further drop in revenue in the third quarter, ended April 27, 2019.
The group, whose brands include Bergdorf Goodman, Last Call, Horchow, and Mytheresa, saw net losses rise to $31.2 million from $19.9 million a year earlier, while revenue was down 1.5% year-on-year to $1.1 billion.
The company previously revealed that it expected to report a decline in the third quarter, and at the time underlined that it is continuing to focus on its multi-year transformation plan into a luxury customer platform. The strategy includes an acceleration of its digital integration; increased experiential innovation and an increased focus on luxury resale opportunities.
“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,” commented Neiman Marcus Group CEO Geoffroy van Raemdonck.
The company announced in March that it had reached a settlement with creditors to extend loan maturities to 2023 and 2024, for an additional three years intended to give the retailer time to implement a turnaround.
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