Neiman Marcus Sees Dip in July Revenue
The Neiman Marcus Group Inc. reported a 3.4 percent drop in July comparable revenue yesterday.The $163.8 million total for the four weeks that ended July 28 fell short of the $169.7 million posted during the comparable period that ended July 29, 2000.
Also, greater markdowns on weaker-than-expected summer revenue are expected to affect fourth-quarter and annual earnings.
July comparable revenue in the direct marketing segment fell 5.4 percent, reflecting a catalog mailing shift from July to June and a difficult prior-year comparison in which there had been a 35 percent gain in revenue during July 2000.
Fiscal fourth-quarter comparable revenue was 1.5 percent less than the same period last year and fell slightly short of company estimates.
In May Neiman Marcus announced a 15 percent decrease in fiscal third-quarter profits as well as plans to eliminate 190 positions totaling 1.5 percent of its workforce.
