Neiman Marcus Group, the integrated luxury retailer (and parent of brands including Neiman Marcus and Bergdorf Goodman ), announced fiscal year 2022 business highlights for the full year that ended July 31, 2022 . Fueled by a prudent growth strategy, Revolutionizing Luxury Experiences , the company closed a successful year.
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. "We are very pleased with the strong performance delivered in fiscal 2022, which validates our ambitious strategy and our team's impressive execution," said Geoffroy van Raemdonck , Chief Executive Officer of NMG.
"Our fiscal year concluded at the end of July, throughout which our teams worked diligently to achieve over 30 percent comparable sales versus the previous year and $495 million in Adjusted EBITDA." The Luxury Customer Proved Resilient in FY22 NMG's high-income customers remain loyal through challenging economic cycles: Top 2% of customers drive approximately 40% of total sales.
80% of top customers have at least $1 million of net worth. Their average spend is over $25,000 annually, buying with NMG 25+ times a year. We cultivate lasting relationships, with 90% top customer retention during FY22.
Additionally, new customers are entering the market seeking NMG's luxury, top-tier brands and curated products. 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…
