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Neiman Marcus joins the $1 billion e-commerce club
The upscale department store chain boosted web sales 17% in fiscal 2013 to $1.03 billion.
Senior Editor, Research
E-commerce sales and total sales were up in fiscal 2013 for high-end department store Neiman Marcus Group Ltd. Inc. , which for the first time exceeded $1 billion in online sales.
There are 34 retailers in the 2013 Internet Retailer Top 500 Guide with more than $1 billion in 2012 web sales. Neiman Marcus, No. 39 in the Top 500, reported fiscal 2012 online sales of $878.8 billion.
For the fiscal year ended Aug. 3, 2013, Neiman Marcus reported:
- Online sales of $1.03 billion, up 17.2% from $878.8 million in fiscal 2012.
- Total sales were $4.65 billion, an increase of 7.0% from $4.35 billion last year.
- Comparable-store sales increased 4.9%.
- Net earnings increased 16.9% to $163.7 million from $140.1 million.
Online sales represented 22.2% of total revenue in fiscal 2013, compared with 20.2% last year.
For the fourth quarter, Neiman Marcus also reported:
- Online sales of $256.8 million, a 22.5% increase compared with $209.7 million in the fourth quarter of last year.
- Total sales were $1.12 billion, up 10.9% from $1.01 billion.
- Comparable-store sales increased 5.4%.
- Net earnings were $2.9 million, compared with a loss of $11.1 million in 4Q of last year.
Online sales represented 22.9% of total revenue during the fourth quarter, compared with 20.8% last year.
Strong fourth quarter and full-year sales results come as Neiman Marcus is preparing for an acquisition. On Sept. 9, private-equity firms TPG Global LLC and Warburg Pincus LLC, which co-own Neiman Marcus, announced their plans to sell the luxury retailer to Ares Management LLC and Canada Pension Plan Investment Board for $6 billion.