Comparable sales at Neiman Marcus fall for second consecutive quarter

Despite the decline experienced over the second quarter of the current fiscal year, luxury goods retailer Neiman Marcus Group Ltd. LLC experienced slightly better results than anticipated.

This year so far is not being encouraging for the department store’s operator, which also presented weak results for the previous quarter

“Our financial performance in Q2 was better than that delivered in Q1 [but] that should not imply that the quarter and the holiday selling season were not without their share of challenges for us across all brands and all regions,” said Karen Katz.

Comparable sales dropped 4 percent while earnings slid 72 percent, to 7.9 million dollars, as compared with the comparable quarter’s 27.8 million de pounds in the comparable quarter.

The second quarter, January 30, left the company the company reported total revenues of 1.49 dollars billion, a decrease of 2.3 percent compared to revenues of 1.52 billion dollars for the same period last year.

“Our business continues to feel the effects of a skittish stock market and strong dollar, resulting in fewer international tourists in key store markets. The price of oil fluctuated throughout the quarter, and oil prices remained at their lowest levels in over a decade. While this is good for the consumer at large, we have many customers with investments in the oil and gas business,” reports the company.

As per future plans, Katz said the company would continue to invest in its technology and e-commerce initiatives as it seeks to shoulder challenges.

“To close, while business remains challenging, our team remains focused on delivering our customers a seamless, consistent and memorable shopping experience whether in one of our stores or on any one of our websites through digital innovation, outstanding service and superlative merchandise offering,” Katz said.