A slowing economy and a plunge in consumer spending since the Sept. 11 terrorist attacks has hit Neiman Marcus revenues for the five weeks that ended Sept. 29, the company said yesterday.
Comparable sales for Neiman Marcus Direct, the direct marketing business that includes catalogs and e-commerce, were down 9.1 percent. Sales at Neiman stores and Bergdorf Goodman were 21.1 percent below the five-week period last year.
Total revenue for the five weeks that ended Sept. 29 was $248.6 million, down 18.9 percent from $306.4 million for the same period last year.
Burton M. Tansky, president/CEO of Neiman Marcus, said in a statement that the Irving, TX, retailer was planning for lower fiscal first-quarter earnings like many businesses affected by the attacks.
“We are in the process of adjusting our purchases, examining our marketing activities, reviewing our expense structure and reconsidering our capital expenditure plans,” he said. “While it is now clear that first-quarter results will be below previous guidance, given the uncertain economic and political events which continue to unfold worldwide, we cannot provide further guidance at this time.”
