Neiman’s Transformation a Work in ProgressNeiman's is putting the final touches on its Manhattan flagship, but still has work to be done to shore up its balance sheet.

[Collection]The Neiman Marcus Group will put a glow on its business with Friday’s opening of its big Manhattan flagship in Hudson Yards, yet there’s still work to be done to lift profitability and escape the specter of looming debt maturities. Acknowledging riding an up-and-down holiday season, NMG on Tuesday reported a net loss of $29 million in the fiscal second quarter ended Jan. 26, compared with net earnings of $372.5 million in the second quarter of 2018. However, the year-ago period included a $387 million tax benefit. Adjusted earnings before interest, taxes, depreciation and amortization were down somewhat at $134.4 million, compared to adjusted EBITDA of $154.8 million for the second quarter a year ago. Excluding the Mytheresa luxury web site owned by Neiman’s, adjusted EBITDA for the second quarter was $134.4 million, compared to  $147.5 million for the second quarter a year ago. NMG also owns Bergdorf Goodman and Horchow. Comparable sales rose 0.7 percent, while total revenues reached $1.39 billion, down from $1.49 billion in the year-ago period. Priorities for the Dallas-based luxury retailer include furthering its transformation into what NMG’s chief executive officer Geoffroy van Raemdonck characterizes as a “consumer-centric luxury platform,” sustaining the string of positive comparable sales results, and restructuring

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