Neiman Marcus, Inc. reported comps grew 10.9% during April. Total sales advanced 12.4% to $305 million from $271 million a year ago.
In the four-week April period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, increased 13.7%. Revenue growth trends were the strongest in the company’s stores in the Northeast, Texas and the West. The merchandise categories in the Specialty Retail Stores segment that performed the strongest included women’s apparel and shoes, handbags, jewelry and men’s.
Comparable revenues at Neiman Marcus Direct in the four-week April period decreased 1.3%. The top selling merchandise categories in the Direct Marketing segment included women’s fine apparel, jewelry, beauty and shoes.
Comparable revenues for Neiman Marcus, Inc. for the third quarter of fiscal year 2010 increased 9.1%. For the third quarter of fiscal year 2010, Specialty Retail Stores comparable revenues increased 9.5% which represents a comparable revenue increase of 6.9% at Neiman Marcus Stores and a 25.4% increase at Bergdorf Goodman.
Neiman Marcus Direct third quarter fiscal year 2010 revenues were 6.9% above last year.
From a liquidity standpoint, the company’s cash balance as of May 1, 2010 was approximately $515 million compared to $229 million in the prior year. In addition, the Company had no borrowings outstanding under its $600 million asset-based revolving credit facility.