Neiman Marcus losses mount as sales go online

Luxury retailer Neiman Marcus posted its first holiday sales decline since the recession and the second quarter in a row of comparable store sales declines.

Total revenues for the quarter ended Jan. 30 declined 2.1 percent to $2.65 billion. Same-store sales decreased 3.8 percent.

The company posted a loss of $2.7 million compared to earnings of $28 million the prior year.

This is the first time Neiman Marcus suffered a loss during the holiday period since the Great Recession, according to The Dallas Morning News. This followed a 5.6 percent drop in sales the previous quarter.

CEO Karen Katz blamed the strong dollar, a volatile stock market and fewer international shoppers in tourist locations such as Florida.

Online continues to capture more sales and put pressure on stores—a record 30 percent of Neiman Marcus sales came from its e-commerce sites, in spite of suffering a website crash on Black Friday.

For more:
-See this Neiman Marcus financial release
-See this Dallas Morning News story

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