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Thursday, February 25, 2021

Neiman’s reports 1Q loss on acquisition costs

 

DALLAS (AP) — Neiman Marcus Group Ltd. on Wednesday posted a loss for its fiscal first quarter due to costs tied to its recent acquisition, along with other unusual costs.

The Dallas luxury retailer was acquired by Ares Management and Canadian Pension Plan Investment Board for $6 billion in October.

Neiman Marcus lost $13.1 million for the quarter that ended on Nov. 2, compared with net income of $49.6 million in its first quarter last year.

The quarter was hurt by $109.4 million in acquisition-related expenses, a $2.8 million management fee to its prior sponsors and a $1.5 million loss in a foreign online retailer. It also recorded stock-based compensation expense of $2.5 million.

Revenue increased to $1.13 billion from $1.07 billion. Revenue from stores open at least a year rose 5.7 percent.  

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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