Neiman Marcus had a tough year, reporting a $668 million net loss for fiscal year 2009. Photo: Scott Olson, Getty Images
The Dallas-based company, which also owns Bergdorf Goodman, reported a net loss of $168.6 million for the fourth quarter of their fiscal year 2009 yesterday.
Yearly figures were worse for wear, with a $668 million net loss for 2009 compared with last year's net earnings of $142.8 million.
"Fiscal year 2009 was a challenging year for our Company. We quickly began addressing the many challenges we faced due to the sharp decline in our business, precipitated by the downturn in the economy," Burton M. Tanksy, chairman and CEO of Neiman Marcus, said in the investors' press release.
Aside from the general cost-cutting measures we reported earlier this year, the luxury retailer has also cut back inventory as much as 23 percent.
But Tanksy ended on a forward-looking positive note adding, "I am extremely proud of our team and what we accomplished in this very difficult year. I am confident of the significant actions we have taken, combined with our outstanding customer relationships and the strength of our marketing initiatives, will position us well for the new year."
Want to catch up on Neiman Marcus news? Read more about the luxury department store here.