Neiman Marcus says 3Q profit up on stronger sales
Neiman Marcus Inc.'s fiscal 3rd-quarter net income up on stronger sales at luxury retail chain
DALLAS (AP) -- Neiman Marcus Inc.'s fiscal third-quarter net income increased 13 percent on stronger sales at the luxury retailer, particularly its online sales.
The privately-held company said that it earned $70.8 million for the period that ended April 27 versus $62.6 million last year. The latest quarter includes a debt-extinguishment loss of $9.4 million.
Its total revenue increased to $1.10 billion from $1.06 billion, reflecting gains from its two main businesses: revenue from its retail stores edged up to $855.7 million from $846.9 million, while revenue from its online business jumped 15 percent to $242.6 million from $210.8 million.
Neiman Marcus said that its revenue from stores open at least a year, which is generally considered a key indicator of financial performance as it strips away recently opened or closed stores, increased 3.6 percent.
The company, 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.
