Neiman Marcus Group Tracking Business Above Pre-COVID-19 Levels

Comparable sales grew over 30 percent, beating pre-COVID-19 levels.Adjusted earnings before interest, taxes, depreciation and amortization margin expansion of over 300 basis points, compared to the 2019 quarter, and a 150-basis point expansion compared to last year’s quarter.“Almost half of thestores are experiencing all-time high sales volume.

Installations such as Prada Tropico, which ran for three weeks starting mid-May at the Neiman’s stores in Northpark Dallas and San Francisco, “can generate seven figures within a day or two after the launch,” van Raemdonck said. “We can create heat and experience in one or two stores but we see a huge reverberance or halo affect across all the stores. That speaks to the customer wanting a theater experience and something exclusive.

Regarding the macroeconomic environment, “We see a lot of positive elements,” he said. “We see more loyal customers spending above pre-COVID[-19] levels,” as travel and social activities this year exceed pre-COVID-19 levels, he said. Lower-priced retailers, such as Target and Walmart, are experiencing just the opposite, citing reduced spending by consumers.

Asked if he has seen any slowing of consumer spending, van Raemdonck replied, “We are not seeing that.” Regarding inflation, “Certain of the strongest luxury brands have increased their prices, but we have not seen it across the portfolio. It’s linked to a few luxury brands.” Gauging price increases in luxury fashion is difficult because some of it would stem from inflation, some from new looks and style enhancements.

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