Neiman Marcus, Inc. reported same-store sales fell 6% in November. Total sales declined 5.9% to $305 million from $324 million.
In the four-week November period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, decreased 12.7%. The merchandise categories in the Specialty Retail Stores segment that performed the strongest included women’s contemporary sportswear, beauty and jewelry. Comparable revenues at Neiman Marcus Direct in the four-week November period increased 18.1 percent. The top selling merchandise categories in the Direct Marketing segment included women’s contemporary sportswear, jewelry and beauty.
From a liquidity standpoint, the company’s cash balance as of November 28, 2009 was over $335 million compared to $175 million in the prior year. In addition, the Company had no borrowings outstanding under its $600 million asset-based revolving credit facility.
