Neiman-Marcus sees sales drop

Underscoring the problems confronting retailers of upscale and luxury goods in a recessionary environment, Neiman-Marcus said same-store sales fell 3 percent during the all-important Christmas selling season.

Total store sales declined by 1.9 percent, to $475 million from $484 million the previous year.

Hardest hit was the specialty retail stores segment — including Neiman Marcus and Bergdorf Goodman stores — where same-store sales dropped off by 4.4 percent.

For the 22 weeks year-to-date of the current fiscal year, same-store sales are off at an accelerated pace of 6.7 percent. Total store revenues, boosted by new store openings, fell by 5.7 percent, to $1.41 billion from $1.45 billion the prior year. Neiman Marcus' 2002 fiscal year ends Aug. 3.

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