Neiman Marcus, posting yet another decline in quarterly sales, said it is exploring a possible sale of the company.
The luxury retailer said comparable-store sales slid 6.8% in the fiscal second quarter ended Jan. 28. It marked the sixth consecutive decline in comparable-store sales. Overall revenue declined 6.1% to $1.40 billion. The company reported a net loss of $117.1 million for the quarter, compared to net earnings of $7.9 million a year earlier.
Neiman Marcus's struggles are a grim warning sign for the department store sector as a whole, as the company's ecommerce efforts have been considerably more successful than many others in the category.
Physical store sales, meanwhile, like those of most department store chains, have stumbled.
The announcement of a possible sale stuck to corporate script and was thin on details. The Wall Street Journal, citing unnamed sources, reported on that Hudson’s Bay Co., parent of Lord & Taylor and Saks, is in talks to buy Neiman Marcus.