Neiman Marcus revises 2008 Nov., Dec. sales

AP News
Posted: Dec 09, 2009 12:18 PM

Luxury retailer Neiman Marcus said Wednesday it is revising its sales figures from November and December 2008 due to a mechanical error.

The revision did not affect second-quarter 2009 revenue.

The change is due to a mechanical error in the calculation of the estimated sales returns for the company's direct marketing segment in November and December 2008. That caused the company to understate direct-marketing segment revenue in November and overstate the segment's revenue in December.

According to the revised figures, in the four weeks ended Nov. 29, 2008, revenue fell 8 percent to $332 million.

In the five weeks ended Jan. 3, revenue fell 27 percent to $525 million from $723 million.

Sales in stores open at least one year fell 9.7 percent in November and 28.6 percent in December. That measure is considered key because it measures growth at existing stores rather than from newly opened ones.

Neiman Marcus operates two segments: its specialty retail stores, including Neiman Marcus and Bergdorf Goodman. And its direct marketing segment, which includes both online and print catalog operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names.

Separately on Wednesday, the privately held New York company said fiscal first-quarter profit fell 34 percent as consumers continued to hold back on high-end purchases.