Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Web sales grew 19.4% as total Q1 sales increased 2.9%.
The new fiscal year online started off in fine fashion for The Neiman Marcus Group Inc.
For the first quarter of 2012 ended Oct. 29, Neiman Marcus, No. 39 in the Internet Retailer Top 500 Guide reported:
- E-commerce sales increased year over year 19.4% to $166 million from $139 million in the first quarter of fiscal 2011
- Total sales increased 2.9% to $1 billion from $972.2 million.
- Specialty retail store sales increased 6.7% to $811.8 million from $761.1 million.
- Direct market sales grew year over year 15.2% to $191.3 million from $166.1 million.
- Comparable-store sales grew 8%.
- Net earnings rose 88.3% to $48.4 million compared with $25.7 million in the prior year.
Internet Retailer calculates the web accounted for 16.6% of total sales in Q1 of fiscal 2012 compared with 14.3% in the first quarter of fiscal 2011. “Our customers continue to migrate toward online retailing,” Neiman Marcus says in its recently filed first quarter financial report filed with the U.S. Securities and Exchange Commission.