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Apparel marketer Neiman Marcus slips into massive loss
Sep '14
US apparel marketer - Neiman Marcus Group slipped in to massive losses for fiscal year ended August 2, 2014, when compared to earnings in the previous fiscal year.

The apparel marketer reported a net loss of $147.2 million for fiscal year 2014 compared to net earnings of $163.7 million in fiscal year 2013.

Excluding purchase accounting and certain transaction related and other expenses, its adjusted net earnings for fiscal year 2014 were $137.8 million compared to $200.3 million in the prior year.

For fiscal year 2014, Neiman Marcus posted revenues of $4.84 billion against $4.65 billion in the prior fiscal year, while comparable sales rose 5.5 percent.

EBITDA for fiscal year 2014 also fell to $348.9 million versus EBITDA of $635.3 million for fiscal year 2013.

Again, excluding purchase accounting and certain transaction related and other expenses adjusted EBITDA for fiscal year 2014 was $677.6 million against $671.5 million for fiscal year 2013.

Earlier on September 15, Neiman Marcus had said it has acquired MyTheresa.com global online luxury website and the Theresa flagship specialty store in Munich, Germany.

The purchase price is approximately €150 million, subject to certain adjustments, and an earn-out based on future performance.

The garment marketer had said it plans to finance the acquisition through a combination of cash and debt. (AR)

Fibre2fashion News Desk - India

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