Neiman Marcus Same-store Sales Fall Again
Neiman Marcus Group Ltd. said Tuesday that total revenue for the fiscal first quarter ended Oct. 29 fell 7.4% from a year ago to $1.08 billion. The privately-held high-end department store chain said comparable sales declined 8.0%, net losses more than doubled to $23.5 million from $10.5 million. Same-store sales have declined for the fifth-straight quarter. In comparison, rival Nordstrom Inc. reported total revenue growth of 6.4% and same-store sales growth of 2.4% for the quarter ended in October, while Macy's Inc. total revenue fell 4.2% and same-store sales declined 2.7%. The SPDR S&P Retail ETF has gained 8.9% year to date through Monday, while the S&P 500 has climbed 10%.
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