The Neiman Marcus Group Inc. reported a 10% decline in revenue for its Neiman Marcus Direct division for April, compared to the same period in 2001.
According to preliminary reports released by the company, total revenues dropped 7.1% for the period, from $240 million in 2001 to $226 million in 2002. For the 13 weeks ended April 27, total revenue was $694 million, compared to $699 million in 2001.
Direct quarterly revenues declined 4.1% for the quarter. The company attributes the decline in the direct segment to a planned reduction in catalog circulation and the elimination of certain catalogs. The Horchow catalog was the strongest performing of Neiman Marcus’ three direct brands.
The Dallas-based company’s specialty retail stores segment, which includes Neiman Marcus and Bergdorf Goodman, decreased 7.4% for April 2002 and 2.4% for the quarter.
“In total, our sales for the quarter were slightly better than we had expected,” said Burton M. Tansky, president and CEO, in a statement. “While we are encouraged by this outcome, our current business outlook remains cautious as to the retail environment and we are anticipating fourth quarter revenues to decline 2% – 4%.”
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