13 October 2022
The Weekly
United States

Neiman Marcus Group (NMG) announced business highlights for the full year ended July 31, 2022, including gross merchandise revenues (GMV) of $5bn for the twelve months. The group delivered ‘meaningful’ year-over-year gross margin expansion, supported by ‘healthy’ 80% full price selling, which led to 11% EBITDA margin for FY22. The top 2% of customers drove approximately 40% of total sales in FY22. NMG said that 80% of its top customers have at least $1mn of net worth, with an average spend over $25,000 annually, buying with NMG more than 25 times a year. The company also said it registered 90% top customer retention during FY22. Other highlights included NMG's acquisition of Stylyze at the beginning of the fiscal year, ​before partnering with Farfetch and its Farfetch Platform Solutions (FPS) in April, to re-platform its Bergdorf Goodman website and mobile application.