Neiman Marcus celebrates its new fiscal year with strong Q1 web sales
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.”
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