What: The group delivers USD5 billion in gross merchandise value in fiscal year 2022, demonstrating strength of integrated luxury retail model.

Why it is important: Neiman Marcus delivered year-over-year meaningful gross margin expansion supported by healthy 80% full price selling. Sales are up 30% versus the previous year and USD495 million in adjusted EBITDA (11% EBITDA margin).

Top customers are highly loyal and drove 40% of total sales in fiscal year 2022. Top 2% of customers drive approximately 40% of total sales. 80% of top customers have at least USD1 million of net worth. Their average spend is over USD25,000 annually.

The company's new loyal customers tend to be younger, spanning from Gen X to Gen Z, as younger customers entered the luxury market during the pandemic. They migrate up the engagement spectrum, reflecting growing incomes and desire for luxury.

Neiman Marcus 2022 results