Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce also accounted for 20% of total sales.
It was a good final quarter and a good year online for The Neiman Marcus Group Inc.
In 2013 Neiman Marcus expects to launch a full-scale e-commerce site in China as a follow-up to its investment in Glamour Sales Holding Ltd, a private sales company based in Hong Kong.
For the 2012 fiscal year ended July 28, Neiman Marcus, No. 41 in the 2012 Internet Retailer Top 500, reported:
- Online sales grew year over year 16.1% to $878.8 million from $757.1 million.
- Total sales increased 8.8% to $4.35 billion from $4.00 billion in fiscal 2011. That means e-commerce accounted for nearly 35% of the retailer’s growth during the 12-month period.
- Specialty retail sales grew year over year 6.8% to $3.47 billion from $3.25 billion. Neiman Marcus didn’t breakout comparable-store sales
- Net income for the year increased 343.4% to $140.1 million from $31.6 million.
The web accounted for 20.2% of total sales compared with 18.9% in fiscal 2011.
In the fourth quarter:
- Online sales grew year over year 18.7% to $209.7 million from $176.6 million.
- Total sales increased 9.8% to $1.01 billion from $919.7 million in Q4 fiscal 2011.
- Specialty retail sales grew year over year 7.1% to $795.7 million from $743.1 million. Neiman Marcus didn’t breakout comparable-store sales.
- Net loss for the fourth quarter was $11.1 million compared with a net loss of $61.4 million in the fourth quarter of fiscal 2011.
The web accounted for 20.8% of total sales compared with 19.2% in Q4 2011.
The net loss for the quarter reflected increased costs for the company’s third quarter investment of $29.4 million in Glamour Sales Holding. In fiscal 2013 Neiman Marcus says it will use Glamour Sales as the springboard to launch an e-commerce site in China.
“The site will have editorial content, fashion expertise and behind-the-scenes videos to make it a reliable source of valuable insights about featured luxury brands,” says Neiman Marcus CEO Karen Katz.