The Top 500 retailer buys Campus Deals, which offers mobile coupons to college students.
Neiman Marcus celebrates its new fiscal year with strong Q1 web sales
Neiman Marcus is off to a good e-commerce start for the first quarter of its 2008 fiscal year. The company racked up Internet sales of $124.1 million, an increase of 22.8% compared with web sales of $101.1 million for the same period in fiscal 2007.
Neiman Marcus Group Inc. is off to a good e-commerce start for the first quarter of its 2008 fiscal year.
The multi-channel retailer racked up Internet sales of $124.1 million for the first quarter of 2008, an increase of 22.8% compared with web sales of $101.1 million the same period in fiscal 2007.
Overall, Neiman Marcus, No. 36 in the Internet Retailer Top 500 Guide, posted net earnings of $78.8 million on sales of $1.13 billion vs. net earnings of $27.2 million on sales of $1.03 billion in the prior year quarter.
Internet sales for the quarter made up 73% of the retailer’s Q1 fiscal 2008 direct marketing revenue of $170.6 million. “Our Internet sales continued to grow at a much faster pace than overall company growth,” CEO Burton M. Tansky told analysts on the company’s recent earnings call. “We again had improvement in several key e-commerce metrics, including total number of customers, average order value, gross demand, and number of orders, and we increased our conversion rate.”