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Sales increase but Neiman Marcus records loss
Sales rose but profits fell for high-end retailer Neiman Marcus in the first quarter of fiscal 2014, with the costs involved in its acquisition pushing the company into the red.
Dallas--Sales rose but profits fell for high-end retailer Neiman Marcus in the first quarter of fiscal 2014, with the costs involved in its acquisition pushing the company into the red.
The Dallas-based retailer reported Wednesday that same-store sales rose 6 percent year-over-year in the quarter ended Nov. 2 while total revenues also increased 6 percent from $1.07 billion to $1.13 billion.
Sales growth online increased at double the rate of in-store sales.
Revenue from the company’s brick-and-mortar stores was up 5 percent year-over-year in the first quarter from $851.3 million to $889.9 million. Online sales rose 10 percent from $217.2 million to $239.8 million.
Though sales were up, Neiman Marcus recorded a net loss of $13.1 million in the quarter, compared with net earnings of $49.6 million in the prior-year period. Transactions costs incurred with the acquisition of the company by Ares Management LLC and Canada Pension Plan Investment Board totaled $109.4 million.
Ares and the pension plan announced their plans to acquire Neiman Marcus in September and the transaction was finalized in October during the company’s fiscal first quarter.
Prior to the sale, a group of investors led by TPG Capital L.P. and Warburg Pincus owned Neiman Marcus. Under the terms of the sales, Ares and the pension plan have an equal interest in the retailer while Neiman Marcus management, led by CEO Karen Katz, retains a minority stake.
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