Neiman Marcus posts 1Q loss on expenses


Save Story

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

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.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Most recent Business stories

Related topics

Business

STAY IN THE KNOW

Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

KSL Weather Forecast