Chad Ghosn joins the online furniture retailer from Expedia.
The web generated the only growth in sales for Neiman Marcus in the third quarter. In comparison, retail store sales dropped by 1.6% while total sales and net earnings declined by 1% and 7%, respectively.
The web generated the only growth in sales for Neiman Marcus Inc. in the third quarter ended April 26, 2008.
In Q3, e-commerce revenue for Neiman Marcus rose by 6.7% to $129.5 million from $121.3 million in the prior year, but retail store sales dropped by 1.6% to $893.6 million from $908 million in Q3 of fiscal 2007. Net earnings and total sales also declined. For the third quarter, Neiman Marcus reported total revenue of $1.06 billion, a decrease of 0.93% from $1.07 billion in the third quarter of fiscal 2007. Net earnings also dropped year-over-year by 7% to $55.3 million from $59.5 million in Q3 of fiscal 2007.
For the first nine months of the fiscal year, Neiman Marcus, No. 37 in the Internet Retailer Top 500 Guide, posted e-commerce sales of $434.2 million, an increase of 14.8% from $378.2 million for the same nine months in fiscal 2007. Overall Neiman Marcus put up net earnings of $178.5 million on revenue of $3.6 billion for the first nine months of its current fiscal year, compared with net earnings of $127.8 million on revenue of $3.4 billion in the prior year.
E-commerce accounted for 12% of total sales in the third quarter and the first nine months of fiscal 2008.