5 weeks ended
Neiman Marcus’ Sales Bump 7.7% in June
Comparable revenues at Neiman Marcus Direct in the five-week June period increased 7.7%. The top selling merchandise categories in the Direct Marketing segment included women’s apparel and shoes, jewelry and children’s.
From a liquidity standpoint, the Company’s cash balance as of July 3, 2010 was approximately $575 million compared to $381 million in the prior year. In addition, the Company had no borrowings outstanding under its $600 million asset-based revolving credit facility.
The Company’s five-week reporting period is consistent with last year and reflects a 4-5-4 week fourth quarter.
In the five-week June period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, increased 0.6%. Revenue growth trends were the strongest in the Company’s stores in the West and New York City. The merchandise categories in the Specialty Retail Stores segment that performed the strongest included women’s shoes and dresses, beauty, jewelry and men’s.