what a quote:
I'm not saying we are going to have a specific level of growth in phase three," van Raemdonck said. Nor is he providing any guidance for the year, though he emphasized, "Phase three is where we are at the point of building growth - sustainable, profitable growth."
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WHENEVER A COMPANY HIDES FINANCIALS, NO MATTER IF ITS A PRIVATE COMPANY OR PUBLIC COMPANY THEN
- 9% OF THE TIME SOMETHING ILLEGAL IS GOING ON
TRUST ME WHEN I SAY, SOMETHING IS ROTTEN IN DENMARK.
It looks like the board gave GVR multiple years to reach sustained growth. Hard to imagine that but that's what David Moin wrote recently because that's what GVR told him to write. Note the end though where GVR leaves room for another out for himself. no commitment!
NMG will enter "phase three" of its transformation sometime in 2024 when the company capitalizes on accomplishments and investments during the first two phases, according to van Raemdonck. Phase three, the CEO said, is about "driving profitable growth. I'm not saying we are going to have a specific level of growth in phase three," van Raemdonck said. Nor is he providing any guidance for the year, though he emphasized, "Phase three is where we are at the point of building growth - sustainable, profitable growth."
Would pay to hear one of the board meetings. They must just listen and agree with whatever he says. With all the bad PR he has brought on and his constant changing stories....why do they keep him? They must be focused on selling the company/IPO and will tolerate him rather than getting a new CEO.
All the feel good stories we put out (yay team) unfortunately can't hide the facts. Our numbers should be better.
He does have a great relationship with the certain press people and that has helped. His live interviews aren't too good - consultant jargon with easy questions. Questions that have been agreed to beforehand.
We sold more in 2014 than 2024
2015 2016 2017 2018 too
Neiman's is a private company but the financials often still get leaked out..They owe over a billion in debt.thus they have to report them.
Geoffrey snivels each time they are released as he didn't authorize it
For some reason you can't put numbers on here..I will write them
Pre pandemic about four points seven to four points eight billion. Pandemic three points three billion.
Post pandemic four points nine billion.. then now four points three billion.
- sorry for the confusion
The site thought I was making a list and added numbers..it was strange
Are those numbers right? seem high. Here's fy 22 from press release:
NMG delivered over $5 billion in gross merchandise value ("GMV") and year-over-year meaningful gross margin expansion supported by healthy 80 percent full price selling. This led to 11 percent EBITDA margin for FY22.
"Our top customers are highly loyal and drove 40 percent of total sales in FY22," continued van Raemdonck. "Our brand partners come to us to reach our affluent customers through a premier integrated luxury retail experience. We believe our business model positions us well as we navigate the uncertain macroeconomic environment ahead."
My numbers chaged when printed
- 7 to 4.8 billion pre COVID
- 3 billion COVID
- 9 billion post COVID bo-m
- 3 billion last reporting
And now we are in a supposed growth phase after dropping 600 million for the year
Now it's 4.3 billion..the highest we ever were was under Katz at 5.095 billion..that was when we had outlets.not just the 5 now
Qwick review last 3 years
- 8 billion pre COVID
- 3 billion COVID
- 9 billion post COVID bo-m
Now 4.3 billion and dropping
Tough to compare the two numbers. Gross Merchandise Volume is now used vs Revenue. With all the concession models we have and changes in how we manage inventory with our partners, GMV tells the whole story. In theory, GMV should be higher than revenue. It accounts for everything sold through us.
$4.8 Billion in revenues in 2014! Ten years later and the number is very similar.
How true. Change the years and it's the same thing we heard ten years ago. Google does wonders. Same stuff different leader. But we're better at PR today.
Founded over 100 years ago, Neiman Marcus is one of the largest omni-channel luxury fashion retailers in the world, with about $4.8 billion in revenues for fiscal year 2014, of which approximately 24% were transacted online. The company offers a distinctive selection of women's and men's apparel, handbags, shoes, cosmetics and precious and designer jewelry from premier luxury and fashion designers to its loyal and affluent customers "anytime, anywhere, any device." Neiman Marcus also has a longstanding heritage of providing the highest level of personalized, concierge-style service to its customers through an experienced team of sales associates. The company operates 41 full-line stores in marquee retail locations in major U.S. markets.