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Retail-sales slump sidesteps luxury

from TheStreet

Retail sales slumped 1.2 percent last month, but that doesn't mean Neiman Marcus, Saks or Nordstrom noticed. One of the key takeaways from the Commerce Department's retail-sales report for May was that the luxury market was exempt from the woes that beset department stores. Estimated monthly sales at non-luxury department stores dropped 0.6 percent from a year earlier. Compare that to Neiman Marcus, which saw same-store sales jump 7.8 percent as part of an 8.8 percent overall improvement from last year. more

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