Neiman Marcus Group Inc.'s fiscal fourth-quarter loss widened to $168.5 million, compared with a $35.6 million loss a year earlier. The latest results included $143.1 million in impairment charges, while
the prior-year results had $31.3 million in impairment charges,
including a write-down connected to its Horchow trade name.
Revenue fell 26% to $768.1 million, while same-store sales fell 23%.
Revenue in the specialty retail segment fell 27%, while the smaller
direct-marketing segment, which includes both the online and print
catalog businesses, declined 18%. The specialty retail segment swung to
an operating loss while direct-marketing earnings decreased 34%.
Neiman ended the year with $323 million in cash, up 26% from a year
earlier. The company also renegotiated its $600 million revolving
credit facility and extended the maturity to 2013 from 2010.
