Neiman Marcus same-store sales fall in November

DALLAS - Upscale retailer Neiman Marcus Group Inc. said Thursday that same-store sales fell 11.9 percent in November, as even luxury consumers cut spending amid an economic recession.

Last year, same-store sales rose 5.8 percent in November.

Total sales fell 10.2 percent to $324 million from $360 million.

The Dallas-based retailer said designer handbags, shoes and women's fine apparel were the best sellers during the period.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance, because they measure growth at existing stores rather than from newly opened ones.

The privately held company said its same-store sales at its specialty retail segment, including namesake stores and Bergdorf Goodman stores, fell 11.8 percent. At its direct segment, same-store sales fell 12.3 percent.

Retailers, including luxury retailers, have suffered as consumers cut back spending amid an economic recession, mounting job losses and a prolonged housing slump.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.