Home keyboard_arrow_right Businesskeyboard_arrow_right Retailkeyboard_arrow_right News

Luxury fashion retailer Neiman Marcus scores US $ 1.48 billion in revenue

by Apparel Resources News-Desk

13-March-2018  |  2 mins read

Neiman Marcus Store
Image Courtesy: vox-cdn.com

American luxury fashion retailer Neiman Marcus Group has reported a positive impact of its “Digital First” strategy and recent investments in new technologies and marketing tools on the second quarter (ended January 28, 2018) of the current fiscal.

During the quarter under review, the fashion company noted a 6.2 per cent increase in its total revenues to US $ 1.48 billion as compared to the total revenues of US $ 1.40 billion in the same quarter last year. Comparable revenues during the reporting quarter also increased by 6.7 per cent.

The Texas-based retailer also reported a 5.2 per cent increase in revenues to US $ 2.60 billion in the 26-week period to January 28 as compared to total revenues of US $ 2.47 billion in the corresponding period a year ago. The retailer posted a 5.6 per cent increase in comparable revenues during the said time.

The second-quarter results show that Neiman Marcus’ business is positioned for growth after two straight quarters of year-over-year revenue increase.

“The growth momentum in the second quarter has made us excited and it shows our uniqueness within the industry due to the ability to deliver on a personalized luxury shopping experience across channels and brands,” said Geoffroy van Raemdonck, Chief Executive Officer of the Company.

The company will continue to focus on innovation and investment in the business to serve the luxury customers of today and tomorrow, added the CEO, who joined the high-end department store chain succeeding Karen Katz on February 12, 2018.

Markedly, before joining Neiman Marcus, Raemdonck served Ralph Lauren in various roles including most recently president of south Europe. His appointment to the post happened when the company was trying to manage its steep debt load and adjust to a rapidly changing retail landscape.

Geoffroy is known for his record of success at luxury brands and this is what made him the right choice for the company.