Neiman Marcus posted a decline in sales and in comparable sales for the third fiscal quarter ended April 29, but the declines narrowed from previous quarters.
Meanwhile, the company said it is dropping its efforts to explore a sale of the company. In an interview with the Wall Street Journal, CEO Karen Katz said, "We believe that we can deliver better shareholder value by remaining an independent retailer."
Luxury retailers are under pressure from a variety of fronts: the shift to ecommerce; declining department store and mall traffic; and a consumer spending shift toward eating out and other experiences over buying material things.
Meanwhile, younger shoppers, accustomed to one-click comparison shopping online, are still feeling bruised by the global financial turmoil of 2008 and 2009 and are less interested in brand names than previous generations.
While the overall revenue and same-store sales numbers at Neiman Marcus continue to be down, a bright spot for the retailer is ecommerce. Its ecommerce sales now make up more than 30% of overall sales.