6/18/14

Neiman Marcus boosts web sales 12% in Q3

The department store chain says it incurred $183.9 million in expenses this year, partly related to the criminal cyberattack it endured in fiscal Q2.

Stefany Zaroban , Associate Director of Research

High-end department store chain Neiman Marcus now gets nearly a quarter of its total revenue from the web, the merchant reported this week.

For the third fiscal quarter ended May 3, Neiman Marcus, reported:

Online sales comprised 23.3% of total sales during the quarter, compared with 22.1% in the third quarter of 2013. “We believe that our customers have allocated a higher portion of their luxury spending to online retailing in recent years and that our customers’ expectations of a seamless shopping experience across our in-store and online channels have increased, and we expect these trends will continue for the foreseeable future,” the merchant says. “As a result, we continue to make investments and redesign processes to enhance our shopping experience across channels consistent with our customers’ shopping preferences and expectations.”

Year to date, Neiman Marcus also reported:

Neiman Marcus, No. 41 in the Internet Retailer Top 500 Guide, says it incurred $183.9 million in expenses thus far this year, partly related to the criminal cyberattack it suffered in fiscal Q2. Criminals stole information for 1.1 million customer debit and credit cards, and data from some 2,400 of those cards was used to commit fraud.

On Oct. 25, 2013, an investor group led by Ares Management LLC and Canada Pension Plan Investment Board acquired Neiman Marcus for $6 billion.

Topics:

Ares Management, Data breach, Neiman Marcus, Neiman Marcus and omnichannel

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