The Neiman Marcus Group, capitalizing on the nation’s return to socializing and the luxury sector holding steady, eclipsed $5 billion in revenues on a gross merchandise value basis, and generated $495 million in adjusted EBITDA in its last fiscal year, the company disclosed Wednesday to lenders and investors.
NMG’s sales increased by 33 percent on a similar basis, according to the company. Six Neiman Marcus stores closed over the past few seasons and five Last Call clearance locations closed.
Gross merchandise value (GMV), refers to the total merchandise sold through NMG websites and stores, whether owned, on commission, or through consignment.
“We are really encouraged that we are seeing growth with the luxury customer buying at full price in a low promotional environment,” Geoffroy van Raemdonck, chief executive officer of the Neiman Marcus Group, told WWD. Neiman’s has been striving to sell more goods at full price, whereas most of the rest of retailing has been frenetically discounting to shed excess inventories and battle inflation and softening consumer demand.
Van Raemdonck said he was “very pleased with the company’s strong performance delivered in fiscal 2022,” which concluded July 31, and that NMG was “significantly up” on a net profit basis, though that figure was not disclosed. The…