Neiman's Reports 4Q Loss

Luxury chain Neiman Marcus reported a $168.6 million net loss for the fourth quarter ended August 1, compared with a net loss of $35.7 million in the prior year’s quarter. For the fiscal year 2009, the Dallas-based company’s revenue was $3.64 billion, compared to $4.6 billion last year.

“Fiscal year 2009 was a very challenging year for our company,” says Burt Tansky, chairman and ceo. “We quickly began addressing the many challenges we faced due to the sharp decline in our business, precipitated by the downturn in the economy.”

Neiman’s ceo adds that the company aggressively reduced its inventory levels to be more in line with demand, ending the year with 23 percent less merchandise than last year.

Tansky will discusses the key factors that have made Neiman Marcus a retail legend for over a century and offer insights for any retailer trying to find the right balance to move through the current downturn at VMSD’s International Retail Design Conference, September 23-25 in Dallas. For more information, visit www.irdconline.com.