Some good news for Neiman Marcus as sales slump ends
Neiman Marcus Group on Tuesday posted its first sales increase in two years.
The luxury department store retailer reported that its total revenues increased 3.8% to $1.12 billion in its first quarter, which ended Oct. 28, compared with total revenues of $1.08 billion in the year-ago period. Same-store sales rose 4.2% — the first increase since the fourth quarter of fiscal 2015. The retailer credited its “digital first” strategy and recent investments in new technologies and marketing tools for its sales increase.
Those investments took a toll on the bottom line. Neiman Marcus reported a net loss of $26.2 million for the quarter, up from $23.5 million last year.
The luxury department store retailer reported that its total revenues increased 3.8% to $1.12 billion in its first quarter, which ended Oct. 28, compared with total revenues of $1.08 billion in the year-ago period. Same-store sales rose 4.2% — the first increase since the fourth quarter of fiscal 2015. The retailer credited its “digital first” strategy and recent investments in new technologies and marketing tools for its sales increase.
Those investments took a toll on the bottom line. Neiman Marcus reported a net loss of $26.2 million for the quarter, up from $23.5 million last year.