CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
CBS DFW WEATHER APP: iPhone App Store | Android App Coming Soon | More Information

Local

Neiman Marcus Profit Up 35 Percent In Q3

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

454116976 Neiman Marcus Profit Up 35 Percent In Q3Ke$sha's Scandalous Pre-VMA Selfie

454181828 Neiman Marcus Profit Up 35 Percent In Q3Billy Crystal's Robin Williams Tribute

 alt=iPhone 6 Pics Leaked!

453947324 Neiman Marcus Profit Up 35 Percent In Q3Ice Bucket Challenge Fail

 alt=Musicians Then And Now

cowb thumb Neiman Marcus Profit Up 35 Percent In Q3Cowboys Cheerleaders

DALLAS (AP) - Upscale retailer Neiman Marcus Inc. said Tuesday its fiscal third-quarter profit grew 35 percent, as stronger consumer demand allowed it to cut back on discounts.

For the quarter ended April 28, the privately held company earned $62.6 million, up from $46.2 million in the same quarter last year. Sales rose 7.5 percent to $1.06 billion from $983.8 million.

Dallas-based Neiman Marcus, which operates websites and stores under its namesake as well as one Bergdorf Goodman location in New York, said its revenue at stores open at least a year increased 6.7 percent.

The metric is a key measure of a retailer’s health, because it excludes sales at stores that opened or closed during the year.

Some of the top selling product categories during the quarter included women’s contemporary sportswear and shoes, designer handbags and beauty, the company said on a conference call.

On the call, Neiman Marcus credited the quarter’s jump in profit to margin improvements stemming from higher demand that reduced its need to discount items.

Interest expense fell 14 percent to $44.4 million, largely as a result of the recapitalization of the company late in the last fiscal year, Neiman Marcus said.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out:

View Comments