Neiman Marcus Inc. generated $223 million during January, down from $290 million in January 2008.
While the company did not break out sales figures by channel, within its Neiman Marcus Direct operations, revenue fell 18.3%. Its Specialty Retail Stores segment’s revenue dropped by 25.8%.
For the second quarter of its fiscal 2009 year, comparable revenue among its Specialty Retail Stores was down 22.8%, while Neiman Marcus Direct second quarter revenue fell 12.1%.
"In order to stimulate sales and reduce our inventory levels, we were much more promotional than in prior years,” said Burdon M. Tansky, in comments that accompanied January’s results. “We currently anticipate a significant decrease in our gross margins and a deleveraging of expenses caused by the decline in revenues. As a result, we currently expect to report a net loss for the company for the second quarter.”
Tansky noted that the company has $220 in cash, and $576 million available on its $600 million revolving credit facility.
