Women's Wear Daily

Neiman Marcus Group Posts Down Quarter in ‘Investment Year’

For the Neiman Marcus Group, the third quarter was marked by top and bottom line declines, but there’s a “comprehensive program of initiatives” to improve the performance. And Neiman’s no longer has immediate worries over the large and looming debt maturities. They’ve been extended three and four years into the future through an agreement with creditors and that means the retailer has breathing room to sustain operations and hopefully enhance its business. That’s direct from Geoffroy van Raemdonck, NMG’s chief executive officer, who on Tuesday called fiscal 2019 “an investment year” for the Neiman Marcus Group, stating, “We believe we are making appropriate investments that will lead to growth.” NMG reported a net loss of $31.2 million for its third fiscal quarter ended April 27, compared with a net loss of $19.9 million for the year-ago period. Adjusted earnings before interest, taxes, depreciation and amortization were $126.5 million, compared to $143.8 million a year ago. There was a decrease in comparable sales of 1.5 percent, though some categories showed life, particularly men’s wear and beauty, which did best. In an interview with WWD, van Raemdonck spelled out key investments over the past year to improve performance including spending on technology to become “data-driven”; taking a

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Bidding Deadline in Roberto Cavalli Sale Approaching

The Dubai-based Damac property developer, which partnered with Cavalli on a hotel project last October, and the American Infinity Group, which has experience in consumer goods, are said to also be looking at the brand before the June 14 deadline to submit offers.

Partying for Virgil

Takashi Murakami, Chance the Rapper, Cherry Fukuoka, designer Jerry Lorenzo and Dev Hynes turned out Saturday night to celebrate Virgil Abloh’s “Figures of Speech.”