What: Neiman Marcus Group is outperforming pre-pandemic sales levels, thanks to luxury demand boosting business.

Why it is important: Bergdorf Goodman reported that it saw comparable sales growth of over 30% compared to this period last year, surpassing pre-COVID benchmarks.

Strong full-price selling also contributed to a strong margin expansion of over 300 basis points. Healthy US luxury customers, a surge in occasion dressing, and a recovery in New York City and tourism have led to NMG’s Bergdorf Goodman beating 2019 sales numbers. NMG said it plans to invest in four specific arms to further its growth: Experimental store concepts and renovations, online performance, a loyal and new luxury customer base and its internal working culture.

At Neiman Marcus, sales of the top 20 brands grew 70% over pre-pandemic levels. Men’s growth exceeded 60%. Women’s shoes grew by over 50% and handbags grew by over 70%. Handbags were up almost 80% and shoes netted a 60% increase. Fine apparel up was over 30%.

Neiman Marcus is outperforming 2019 benchmarks