Neiman Marcus, Inc. reported same-store sales in January rose 6.8%. Total sales climbed 8.3% to $242 million from $223 million.
In the four-week January period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, increased 4.5%. Revenue growth trends were the strongest in the company’s stores in the Southeast and Northeast. The merchandise categories in the Specialty Retail Stores segment that performed the strongest included precious jewelry, women’s couture apparel and dresses, shoes, handbags and men’s.
Comparable revenues at Neiman Marcus Direct in the four-week January period increased 16.0%. The top selling merchandise categories in the Direct Marketing segment included women’s apparel, jewelry, handbags, shoes and men’s.
Comparable revenues for Neiman Marcus, Inc. for the second quarter of fiscal year 2010 increased 0.6%. For the second quarter of fiscal year 2010 Specialty Retail Stores comparable revenues decreased 0.6% which represents a comparable revenue decrease of 2.2% at Neiman Marcus Stores and 9.0% comparable revenue increase at Bergdorf Goodman. Neiman Marcus Direct second quarter fiscal year 2010 revenues were 5.9% above last year.
From a liquidity standpoint, the company ended the second quarter with approximately $500 million of cash compared to $223 million in the prior year. In addition, the company had no borrowings outstanding under its $600 million asset-based revolving credit facility.
