Retail Detail. American Luxury on the Rise, Europe Still Unstable

June 10, 2010 • Shopping


U.S. luxury retailer Neiman Marcus has posted
strong results for the third quarter of sales, indicating a possible upswing in luxury spending on our side of the pond. But a
weaker euro and tumultuous stock markets
remind us that trouble is still on a global scale.

The operator of Neiman Marcus and Bergdorf Goodman said
it is closely monitoring Europe's debt crisis and has yet to see vendors there
pass on gains from the sagging euro. Neiman's also noted that a weak euro
could negatively affect travel to New York,
which would in turn affect sales at the
Bergdorf Goodman flagship store in Manhattan.

In the latest
third quarter, the Dallas-based chain reported a net income of $18.5
million, compared with a loss of $3.1 million last year.
Sales at the Neiman specialty stores open at least a year and at its
online and catalog unit rose 9.1 percent in the quarter, while overall
sales rose nearly 11 percent to $895.2 million.
Not too shabby! Neiman's good news came
less than a month after Saks posted equally strong results, slowly proving that the luxury sector's fortunes have significantly increased. Now we just need to cross our fingers for Europe to catch up!

Article Source: The New York Post

Photo Source:

-Alia Rajput

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