Ronald Boire, CEO of Sears Canada, will take the top post at the bookseller in September, and current CEO Michael Huseby will become executive ...
For the second fiscal quarter, web sales declined by 4.7% while total sales and retail sales decreased by 21.9% and 22.5%, respectively.
Web sales declined for The Neiman Marcus Group Inc. in the second quarter of fiscal 2009 but at only a fraction of the pace for total sales.
Web sales in Q2 declined by 4.7% to $172.2 million from $180.6 million. Total sales decreased year over year by 21.9% to $1.08 billion from $1.37 billion. Retail store sales decreased by 22.5% to $870.6 million in the quarter from $1.13 billion. Comparable store sales decreased by 22.8%.
Even with the decline in web sales, the web still accounted for a larger portion of sales in Q2: 16% versus 13% a year earlier. Catalog sales in the second quarter declined by 35.7% to $36.6 million from $56.9 million.
Neiman Marcus, No. 37 in the Internet Retailer Top 500 Guide, posted an operating loss of $592.7 million in the quarter compared with operating earnings of $134.3 million in Q2 of fiscal 2008.
For the first two quarters of the 2009 fiscal year, web sales declined by 3.8% to $293.2 million from $304.7 million in the previous fiscal year. Total sales for the first half of the current fiscal year decreased by 17.6% to $2.06 billion from $2.50 billion. Retail store sales for the first two fiscal quarters decreased by 18.7% to $1.70 billion from $2.09 billion and comparable store sales dropped by 19%. The web accounted for 14% in the first six months of FY 2009 vs. 12% in the prior year.
Catalog sales dropped year over year by 28.2% to $74.3 million from $103.5 million. In the first two quarters Neiman Marcus had an operating loss of $511.1 million vs. operating earnings of $324 million in the previous year. Neiman Marcus operates 42 stores.