Neiman Marcus Bonds Jump After Chain Posts Smaller Sales Declineby and
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.