September 22, 2010, 9:30 AM

Annual web sales back on track for Neiman Marcus

E-commerce sales grew 14% for Neiman Marcus Group in fiscal 2010.

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After a tough fiscal 2009 when web sales dropped by 12%, e-commerce rebounded for Neiman Marcus Group in the latest fiscal year.

For the 2010 fiscal year ended July 31, Internet Retailer projects:

  • Web sales grew 15.8% to $574.1 million from $496 million in fiscal 2009. That projection is based on actual fourth quarter e-commerce sales of $135 million Neiman Marcus disclosed on its recent year-end earnings call added to its self-reported e-commerce sales for the first three quarters of $439.1 million. Neiman Marcus is expected to file its year-end financial statement with the U.S. Securities and Exchange Commission next month.

 For the 2010 fiscal year, Neiman Marcus also reported:

  • Total sales increased about 1.4% to $3.69 billion from $3.64 billion in fiscal 2009.
  • Specialty retail sales increased year over year 0.7% to $3.01 billion from $2.99 billion.
  • Direct market sales, which include catalog and web, increased 4.6% to $682 million from $652 million.
  • Comparable-store sales, which Neiman Marcus calls comparable revenue, declined 0.1%.
  • Net loss was $1.8 million, compared with a net loss of $668 million in fiscal 2009.

 Internet Retailer calculates the web accounted for 15.6% of total sales compared with 13.6% in the prior year.

With its Internet sales growing, Neiman Marcus will continue to invest in the web and e-commerce, incoming CEO Karen Katz told Wall Street analysts on the company’s recent year-end earnings call. Next month and in time for the holidays, Neiman Marcus, No. 41 in the Internet Retailer Top 500 Guide, will introduce an e-commerce site for Last Call, its clearance center brand. LastCall.com will feature women's, men's and children's apparel, as well as shoes, jewelry, handbags, furniture, luggage, gifts and home accessories that were previously sold in Neiman Marcus and Bergdorf Goodman stores, at discounts of 30% to 65%. “The site will feature the fashions and content on how to dress fashionably for less,” Katz told analysts.

 For the fourth quarter, Neiman Marcus posted:

  • Web sales increased about 14% to $135 million from $118.4 million in the fourth quarter of fiscal 2009.
  • Total sales increased about 7.6% to $826.3 million from $768 million in the last quarter of fiscal 2009.
  • Direct market sales, which include catalog and web, increased 13.6% to $159 million from $140 million in the last quarter of fiscal 2009.
  • Comparable-store sales, which Neiman Marcus calls comparable revenue, grew 6.5%.
  • Net loss was $32.8 million compared with $168.6 million in the fourth quarter of fiscal 2009.

 Internet Retailer calculates the web accounted for 16.3% of total sales compared with 15.4% in the prior year.

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