Neiman Marcus fiscal 1Q operating profit up

Associated Press

DALLAS (AP) — Neiman Marcus Inc. said Tuesday that its fiscal first-quarter net income rose 4 percent, helped by higher sales at existing stores.

The privately held company posted operating earnings of $127.8 million, up from $122.8 million in the same quarter last year.

Sales rose 7 percent to $1.07 billion, with sales at stores open at least a year up 5.4 percent. That's a key measure of a retailer's health, because it excludes stores that opened or closed during the year.

Neiman Marcus, based in Dallas, runs Neiman Marcus, Bergdorf Goodman and Last Call stores. It also offers online and catalog sales. It has benefited from upscale shoppers spending more on luxury goods.