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Web sales at Neiman Marcus drop by 2.5% in Q1 while total sales also dip
Neiman Marcus reported first quarter 2009 web sales of $121 million, down 2.5% vs. the same quarter in 2008. Comparable store sales took a bigger hit, declining 14.5%.
The Neiman Marcus Group Inc. reported first quarter 2009 e-commerce sales of $121 million, down $3.1 million, or 2.5%, vs. $124.1 million the same quarter of 2008.
Overall direct market sales for the first quarter ended Nov. 1, 2008, were $158.7 million, down by 7% from $170.6 million year-over-year.
E-commerce continues to dominate the company’s direct sales, accounting for 76% of non-store related sales. The web garnered 75.5% of direct sales, which include catalogs, in fiscal 2008.
For the first quarter of fiscal year 2009, the company reported total revenue of $986 million, down by 12.7%, or $144 million, compared with $1.13 billion in the prior year period. Comparable store sales decreased 14.5%. Operating earnings for the quarter were $81.6 million compared with $189.7 million for the first quarter of FY 2008.
Overall store sales for Q1 2009 were $827.1 million, down by 14% compared with $961.6 million in the prior year quarter. Neiman Marcus is No. 37 in the Internet Retailer Top 500 Guide.
Lindy Rawlinson, vice president of web operations and new business at Neiman Marcus, will lead off the second Internet Retailer Web Design Conference, Jan. 19-22, 2009, in Miami. Her Keynote Address will be on Jan. 20.