Women’s Wear Daily says there are “some signs of life” for Neiman Marcus after a rough 2009. They note that same-store sales in December were up 4.9 percent. Of course that’s only an improvement from the big 31.2 percent drop they took the previous December, 2008.
Our latest D CEO cover story takes a hard look at prospects for the luxury retail icon. CEO Burt Tansky declined to be interviewed for the article, but here’s what he told analysts in December:
“The declines have started to diminish,” noting that over-the-knee boots, cashmere, contemporary sportswear, skinny jeans, leggings and new handbag shapes were pacing the holiday season.
There was more enthusiasm in November and December than all of the rest of year, he added.
“We see improvements and are pleased by that. But like anything else, improvements are slow in coming. They can be tentative,” Tansky said. “The customer is still facing the challenges of economic recovery. It’s hard to predict whether we have bottomed out. Hopefully we have.”
Last week Glenn suggested that the company rededicate itself to Stanley Marcus’ vision to find future success. But Tansky says they haven’t strayed from their original business plan:
“We have no intention of changing our business model or trading down … It’s important to reiterate that we will continue to offer our customers the luxury and designer merchandise that they want to buy and, in fact, some of our best-selling merchandise is at the upper end of our price ranges.”
