Neiman Marcus Inc. reported a 9.6% increase in March same-store sales and an 11% rise in total sales to $341 million.
Women’s apparel and shoes, beauty and men’s merchandise were the strongest performing categories. And sales growth trends were higher in regions that took the biggest hits from the recession’s real estate collapse and financial meltdown – the west, southeast and northeast.
The stores division, which includes Neiman Marcus, Bergdorf Goodman, Last Call and Cusp, recorded a 9.2% increase in same-store sales. Neiman Marcus Direct, which includes Internet and catalog sales, reported an 11.1% rise in sales. Luxury goods have been performing well online throughout the industry.
The highly leveraged company continues to preserve cash. It started April with $500 million in cash, versus $193 million last year. It also said it hasnt borrowed from its $600 million credit line.
