Neiman Marcus is finally spinning gold out of its threads again.
The swanky retailer, which also owns Bergdorf-Goodman, posted its first comparable store sales increase in eight quarters, citing the success of its new digital and marketing strategies.
Neiman Marcus made a tidy bundle in South Florida from people who were headed to the Caribbean but ended up staying in Miami and shopping because of the hurricanes, chief executive Karen Katz told analysts on a Tuesday conference call.
“There was pent-up demand,” Katz said.
Same-store sales rose 4.2 percent in the first quarter ended Oct. 28 while total revenues in the quarter rose 3.8 percent to $1.12 billion. Online sales increased by 14 percent to $361 million.
“What we feel good about is that we are increasing new customers into our stores and online,” Katz said.
Still, Neiman’s net loss increased by 11 percent to $26.2 million as it paid out $10 million in performance-based executive bonuses.
Compensation has not changed at the company, said interim chief financial officer Dale Stapleton, “but what has changed are bonuses that our team will earn for operating performance.”
The company has earmarked $16 million for incentive pay in the coming fiscal year, Stapleton said.


