2 Min Read
Dec 13 (Reuters) - 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 customers
* CEO - Q1 results also hurt by distractions like U.S. Presidential elections
* 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 customers
* 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 million-$35 million
* 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" Further company coverage: