Wednesday, October 11, 2017

Amid a Q4 loss, luxury retailer eyes growth through digital commitment

Despite posting its third annual fiscal loss, Neiman Marcus is launching a new digital strategy to help strengthen the brand going forward.

The struggling luxury chain narrowed its net loss to $366.3 million for the fourth quarter and fiscal year ended July 29, compared to a net loss of $407.3 million in the prior year. Total revenues were $1.12 billion, a 0.5% decrease in comparable revenues from the fourth quarter of fiscal year 2016.

The company credits these smaller losses to its growing online sales. In fact, Neiman Marcus CEO Karen Katz said the retailer’s online business “will continue to outperform our store business at 30% of total sales. It will continue to grow in importance,” according to the Dallas News.. . . more

No comments: