DALLAS (AP) – Upscale department store operator Neiman Marcus Inc.’s fiscal first-quarter net income surged 88 percent as shoppers continued to spend on luxury goods.
While consumers are still wary about high unemployment and uncertain economic conditions, the past several months have seen wealthier shoppers making luxury purchases.
Neiman Marcus, a privately held company based in Dallas, reported Monday that it earned $48.4 million for the period ended Oct. 29. That’s up from $25.7 million a year earlier.
Revenue increased to $1 billion from $927.2 million.
Revenue at stores open at least a year climbed 8 percent. This metric is a key indicator of a retailer’s health because it excludes results from stores recently opened or closed.
Earlier this month Neiman Marcus said that shoes, handbags and jewelry all sold well in its fiscal first quarter. The retailer sells such luxury brands as Dolce & Gabbana and Alexander McQueen.
The company’s stores include Neiman Marcus, Last Call and Bergdorf Goodman.
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