In its second-largest acquisition, Amazon buys the company for $970 million.
Web sales and total sales grew by 16.9% and 6.7%, respectively, in the first quarter.
Web and total sales grew in the first quarter of 2011 for The Neiman Marcus Group Inc.
For the quarter ended Oct. 30, Neiman Marcus, No. 41 in the Internet Retailer Top 500 Guide, reported:
- Internet sales of $139.0 million, a 16.9% increase from about $118.9 million in the prior year period.
- Total sales of $927.2 million, up by 6.7% from $868.9 million.
- Direct market sales, which include catalog and web, of $166.0 million, a 12.8% increase from $147.2 million in the first quarter of fiscal 2010.
- Comparable-store sales, which the company calls comparable revenue, increased 5.1%.
- Net income of $25.7 million compared with $8.5 million in the first quarter of fiscal 2010.
Internet Retailer calculates that e-commerce represented 15% of total sales in Q1 of 2011, compared with 13.7% in the same period last year.