Neiman Marcus Reports First Sales Increase in Two Years

DALLAS (WBAP/KLIF) – Retail giant Neiman Marcus is reporting its first sales increase in two years, as the holiday season approaches.

Neiman Marcus Group LTD LLC reported this week that its comparable revenues rose 4.2 percent in the first quarter of fiscal 2018 from the same quarter a year ago. It’ the first increase for the company since the fourth quarter of fiscal 2015. Officials attribute the increase to the Company’s “Digital First” strategy and recent investments in new technologies and marketing tools. The company said new technology allows sales associated and customer’s better access to inventory which has led to more sales.

For the quarter ended October 28, 2017, the Dallas based company reported total revenues of $1.12 billion, an increase of 3.8 percent compared with total revenues of $1.08 billion from the same quarter a year ago. During the quarter, the Company reported a net loss of $26.2 million compared with a net loss of $23.5 million for the first quarter of fiscal year 2017.

Neiman Marcus is still dealing with debt. Earlier this year is cut more than 200 jobs and closed ten Last Call stores. But the company officials are remaining positive, following recent revenue increases.