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Are you interested in learning about high end haute couture, prêt-à-porter and avant-garde? We hope so because you will learn about these topics as well as find style reports about emerging designers, new lifestyle brands, cutting edge fabrics, and much more. Anything relevant to the fashion industry is open for discussion.

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Monday, June 27, 2016

Biggest Neiman Marcus Sale

No, we don’t mean that Neiman Marcus is having a big sale on “some” of their luxury fashion, shoes, or accessories.  We are actually talking about this fine retailer possibly selling “everything”.  Yes, the entire operation.  It is also possible that they may be seeking a financial investment of some sort instead of an outright sale.  Who knows, maybe they want sell at all.  Below can help you do your own research on the matter.

Neiman Marcus Looking for buyer or investor: (Dallas Biz Journal; June 20, 2016) “Last week, North Texas' fourth-largest private company by revenue reported third-quarter fiscal year 2016 sales of $1.17 billion, a 4.2 percent decrease compared to sales of $1.22 billion during the same period last year. Neiman has now logged three consecutive quarters of sales dips.”  The article also mentioned, “Neiman announced in October it was delaying its IPO, with reports that market struggles for other high-end retailers led the company to put off an offering. At the time, competitors like Tiffany & Co. and Nordstrom Inc. were down more than 12 percent over the previous three months.”

Neiman Marcus Looking for a Buyer (New York Post; June 17, 2016) “Embattled luxury retailer Neiman Marcus is casting around for a buyer, or investor, The Post has learned.  Struggling under a toxic combination of a staggering $5 billion debt load and flagging sales, Chief Executive Karen Katz traveled recently to China to meet with potential buyers, according to a source familiar with the situation.”

Why Neiman Marcus Struggles And Will Not Go Public (Forbes; June 17, 2016) There are growth vehicles: CUSP, Last Call Studios, and their Internet shopping sites could all be expanded. I estimate that Internet now generates close to 30% of total sales. It increased 5% in the quarter. The company has excellent direct mail communication with customers. That means that foot traffic in stores has slowed at the same time more basic merchandise is bought by loyal customers through the e-commerce sites.

Neiman Marcus Revenue Decline (The Wall Street Journal; June 14, 2016): “Neiman Marcus Group Ltd.’s profit fell 81% on lower sales in the latest quarter as the luxury department store operator joined a long list of retailers reporting weak results.”

The following is some information that was on the Neiman Marcus press release from June 14, 2016 titled Neiman Marcus Group Ltd. LLC Reports Third Quarter Sales Results.

“Neiman Marcus Group LTD LLC today reported financial results for its third fiscal quarter ended April 30, 2016. For the third quarter, the Company reported total revenues of $1.17 billion, representing a decrease of 4.2% compared to total revenues of $1.22 billion for the third quarter of fiscal year 2015. During this same period, comparable revenues decreased 5.0% and the Company reported net earnings of $3.8 million compared to net earnings of $19.8 million for the third quarter of fiscal year 2015. Adjusted EBITDA, which is described on page 7 of this release, for the third quarter of fiscal year 2016 was $173.2 million compared to $202.6 million in the prior year.

On a year-to-date basis, the Company reported total revenues of $3.82 billion, representing a decrease of 2.7% compared to total revenues of $3.93 billion in the prior year. During this same period, comparable revenues decreased 4.2% and the Company reported net earnings of $1.1 million compared to net earnings of $47.8 million in the prior year. Year-to-date Adjusted EBITDA was $520.4 million compared to $602.7 million in the prior year.”

Clearly revenue is down, but is this much worse than other fashion retailers?  Well, we also need to consider, “do the other retailers have the same sort of debt load?”

OK, above is the all fine and dandy, but let’s take a break from learning about the financial aspects of fashion retailing and do something way more fun.  Let’s all head over to Neiman Marcus to do some shopping.  That is way more exciting than reading.  Support the apparel industry by shopping for clothing at every chance you get.
Neiman Marcus 2016
Learn more about Neiman Marcus here on Apparel Search.


You can read more about Neiman Marcus here on the Fashion Blog.  It would be a good idea to also read our blog post about Neiman Marcus possible IPO that we posted in August 2015.

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