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Continued: Neiman Marcus is sold for $6B

  • Article by: ANNE D and AMP;#X2019;INNOCENZIO , Associated Press
  • Last update: September 9, 2013 - 10:06 PM

“It is a difficult environment for luxury companies these days because we’ve seen fewer foreign visitors and the domestic shopper is cutting back because of the uncertain environment,” Walter Loeb, president of Loeb Associates, a New York-based retail consulting firm, said in a phone interview Monday.

Jim Skinner, Neiman Marcus’ chief financial officer, told the Associated Press that the new owners are very supportive of the company’s strategies and noted they spent time in the stores to do research and did their “due diligence.”

For the first nine months ended April 27 of its fiscal year, Neiman Marcus had revenue of $1.09 billion, up 3.8 percent from $1.06 billion in the year-ago period. Net earnings were $70.7 million, up 12.9 percent from $62.6 million in the year-ago period.

Executives at Ares Management could not be immediately reached for comment.

  • related content

  • The downtown Minneapolis Neiman Marcus store in the Gaviidae Common complex was closed in January after a 22-year run.

  • This Neiman Marcus location in New Jersey’s Mall at Short Hills is one of 79 of the luxury chain’s department stores nationwide.

  • $6 billion

    Current selling price

    $5.1 billion

    Purchase price in 2005

    20 percent

    of revenue comes from online sales

    $1.09 billion

    Revenue for first 9 months of its fiscal year

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