Neiman Marcus Group Posts 14% Jump in Q1 Profits
December 05, 04
High-end retailer Neiman Marcus Group Inc reported a 14 percent rise in profit for its fiscal first quarter to $64 million from $56 million a year earlier.
The department chain said the results were due to its “emphasis on full-price selling and disciplined inventory management”.
Meanwhile, sales at the group’s specialty retail stores, which include Neiman Marcus and Bergdorf Goodman, increased 10.8 percent to $737 million in its first quarter.
The group said its best sales results were recorded at stores in the Southeast region of the U.S. while strongest-performing goods included precious jewelry, high-end handbags and women's shoes and clothes.
The company's November same-store sales grew 8.4 percent but were below the expected 9.8 percent increase.
The company predicts same-store income to rise by 8-10 percent in the second quarter compared to growth of 12.2 percent in the same period of last year based on current sales trends.
Quarterly earnings at Neiman Marcus were $1.49 per share (adjusting for a one-time disposition), $0.04 above an analysts' consensus estimate and 28 percent above last year's earnings of $1.16 per share.