Dallas—Neiman Marcus Group today said it swung into a second quarter loss as expenses increased despite a sales increase.
For the quarter ended Feb. 1, the luxury retailer posted a net loss of $68 million compared with net earnings of $40.4 million in the same period last year.
Excluding costs that included a $32.5 million transaction cost related to the $6 billion acquisition of Neiman Marcus by Ares Management and Canada Pension Plan Investment Board last year, the company made $41.6 million.
Net revenue rose 5.2% to $1.43 billion while comparable store sales were up 5.5%.
Data Breach Cost: $2.9 Million
The company’s specialty retail stores division (including Neiman Marcus, LastCall and Bergdorf Goodman stores) sales increased 2.2% to $1.07 billion. At its online business, revenue increased 15% to $362.1 million.
Operating expenses increased as input costs jumped 14%, while selling, general and administrative expenses rose 9.8%
The company also reported that it spend $2.9 million related to the criminal cyber attack it experienced last year. The data breach apparently could have affected more than 1.1 million of its shoppers between July to October last year.
On Thursday, Neiman Marcus announced it launched a new iPhone shopping app
that would allow customers to more directly connect with the retailer, its merchandise and its associates.
The app allows a customer to search by department to locate or contact sales associates at any Neiman Marcus store. Users may also choose to receive advance notice of upcoming store events and special offers.
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