Neiman Marcus Profit Up 35 Percent In Q3
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.
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