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Another Feel-Good Quarter for the Neiman Marcus GroupThe luxury retailer has turned in back-to-back positive quarters.
[Collection]Geoffroy van Raemdonck, the new chief executive officer of Neiman Marcus Group, says the luxury retailer is recovering, that he’s building a growth plan with a “bolder innovation agenda” and that liquidity levels are more than ample.
“Now that I’m here, my optimism has only grown,” said van Raemdonck on Friday during his first conference call for Neiman’s, which occurred just after the retailer’s fiscal second-quarter results were released. Van Raemdonck succeeded Karen Katz as ceo on Feb. 12.
Van Raemdonck seemed as excited about getting going in his first role as a retail ceo as he was by the positive results reported by NMG, including a net profit of $346.3 million in the latest quarter versus a loss of $140.6 million in the year-ago period.
Adjusted earnings before interest, taxes, depreciation and amortization were $277.2 million, compared to $249.7 million in last year’s period. The company cited a provisional noncash income tax benefit of $384.1 million and noncash impairment charges of $153.8 million as impacting the bottom line.
Revenues in Neiman’s fiscal quarter ended Jan. 27 came to $1.48 billion, an increase of 6.2 percent from $1.4 billion for the second quarter of fiscal-year 2017. Comparable revenues increased 6.7 percent, marking Neiman’s largest
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