Dallas-Based Neiman Marcus Reports Sharp Drop In Fall Sales
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DALLAS (1080 KRLD) - It was a rough fall fashion season for the swanky Dallas-based Neiman Marcus.
On a recent investor call Neiman Marcus CEO Karen Katz was pelted with questions from investors where she called a 7.4 percent slide in sales 'very disappointing.' According to reports, the luxury retailer lost $23.5 million in its first fiscal quarter, which is about $13 million more than it lost this time last year.
Katz says a lot of that has to do with what she called online price transparency. She says that has led to less loyalty to any one store or brand.
"They (shoppers) want to make sure they are getting the right price for the product they desire," Katz said. "Obviously we are very focused on delivering that."
The company says they have a plan to target affluent millennials to turn around the slump in sales. Neiman Marcus plans to accomplish that by working with vendors to better time when a shopper sees something and when it's available online and in-store.
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