DALLAS (AP) – Upscale department-store operator Neiman Marcus Inc. said Friday its third-quarter profit more than doubled in another sign that luxury retailers are recovering more quickly than other retail segments.
The privately held Dallas-based company’s net income for the three months ended April 30 rose to $46.2 million from $18.5 million.
Revenue rose 10 percent to $983.8 million from $895.2 million, last year. Revenue in stores open at least one year rose 9.7 percent. The measure is considered a key gauge of a retailer’s financial health because it excludes revenue from stores that open or close during the year.
Luxury retailers are on a roll. Recently Tiffany & Co. and Coach both reported stellar quarterly results as luxury shoppers spend more.
Neiman Marcus operates 41 Neiman Marcus stores across the U.S., 30 Last Call clearance stores and two Bergdorf Goodman stores in New York.
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