Neiman Marcus Group Considering Selling Mytheresa

The Neiman Marcus Group, in another maneuver to fix its debt-laden capital structure and focus on core businesses, is considering selling Mytheresa, the Munich-based luxury web site purchased by the company four-and-a-half years ago. The company also disclosed late Monday night in a filing that its string of comparable sales gains has been broken. For the company’s third quarter, which ended last Saturday, a 1.3 percent to 1.9 percent decline in comparable revenues is expected to be reported. Neiman’s also expects to report a decline in adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, to $119 million to $129 million for third quarter of fiscal year. That compares to EBITDA of $143.1 million reported in the year-ago quarter. The news on this season’s selling trend is disappointing considering Neiman’s second quarter marked the retailer’s sixth consecutive period of comparable sales increases, though the spring season for many retailers has been difficult due to the late Easter and cooler weather. Regarding Mytheresa, Neiman’s disclosed that it has “commenced a process to explore and evaluate strategic alternatives,” but said no decision has been made to pursue any specific transaction or other strategic alternative. “There can be no assurance that the exploration of strategic alternatives

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD http://bit.ly/2VzVehG