Dec 13 Neiman Marcus Group Llc
* CEO on conf call- Q1 gross margin impacted by higher
markdowns as worked to bring inventory in line with soft demand
* CEO - fine tuning marketing to reach beyond traditional
* CEO - Q1 results also hurt by distractions like U.S.
* Product margins were down 130 basis points in Q1
* CEO - believe oil prices have stabilized and started
moving in positive direction, think there's a lag effect with
* CEO - "customers in general (are now) less loyal to any
one retailer, due to price transparency online, think that's
here to stay"
* CEO on conf call- "Q1 results are very disappointing"
* CEO - operational challenges in Q1 included inventory
management system transition, which hurt sales by $30
* CEO - Q1 results continued to be hurt by oil prices and
fewer foreign shoppers as events like Brexit and weakening euro
affect US dollar
* CEO - "business has been challenging on every front"
* CEO - working with our vendors to get "buy now, wear now"
products in our stores
* CEO - "our core customers are visiting us less frequently"
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