The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
DALLAS, United States — Neiman Marcus Group Ltd. bonds surged after the department-store chain posted a smaller sales decline over the holidays than in the previous three months.
Same-store sales — a closely watched measure — fell 2.4 percent in the second quarter, which ended Jan. 30, the Dallas-based retailer said in a statement Tuesday. The decrease by that measure was 5.6 percent in the previous quarter.
The department-store industry had a lackluster holiday season, and investors have been bracing for dismal results. Macy’s Inc., the market leader, posted a 4.8 percent same-store sales drop in its latest quarter. A warm winter contributed to the slump by hampering demand for coats and boots.
Neiman’s $960 million of 8 percent bonds coming due in 2021 jumped 11.5 cents to 87 cents on the dollar as of 9:27 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
By Nick Turner and Sridhar Natarajan; editors: Mark Schoifet.
As the German sportswear giant taps surging demand for its Samba and Gazelle sneakers, it’s also taking steps to spread its bets ahead of peak interest.
A profitable, multi-trillion dollar fashion industry populated with brands that generate minimal economic and environmental waste is within our reach, argues Lawrence Lenihan.
RFID technology has made self-checkout far more efficient than traditional scanning kiosks at retailers like Zara and Uniqlo, but the industry at large hesitates to fully embrace the innovation over concerns of theft and customer engagement.
The company has continued to struggle with growing “at scale” and issued a warning in February that revenue may not start increasing again until the fourth quarter.