Neiman Marcus Group says online and in-store holiday sales fell by a low-single-digit percentage versus the prior year, the latest sign that US luxury sales are ebbing from their post-pandemic peak.
Same-store sales, or sales at locations that have been open for a year or longer, were unchanged from the previous year, according to a statement released by Chief Executive Officer Geoffroy van Raemdonck in response to remarks he made at the ICR Conference in Orlando. He did not offer precise numbers to measure the sales rate in the nine weeks that concluded on 30th December. Calendar year 2020 was the last time holiday sales decreased from the previous year.
Even so, Van Raemdonck expressed his satisfaction with the holiday shopping pace, stating that it was an improvement over the previous quarter, in which in-store and online sales decreased by 8% in the three months that concluded on October 28. He observed that over the holidays, top clients spent more money.
“While we are comfortable with our inventory position currently, we are competing in a retail environment that continues to be highly promotional and continues to impact our gross margins,” Van Raemdonck added.
The corporation operates two department stores, Bergdorf Goodman and 36 physical Neiman Marcus locations. According to a Wall Street Journal story from the previous year, Saks Fifth Avenue made an offer for Neiman Marcus as the two operators of upscale department stores looked to improve their economies of scale in order to reduce expenses.
