Neiman Marcus boosts Q2 earnings

US: Neiman Marcus boosts Q2 earnings by 8%

By just-style.com | 6 March 2008

Fashion retailer Neiman Marcus has reported second quarter net earnings of US$44.3m, up 8% from $41m during the corresponding period last year.

For the 13 weeks to 26 January the company reported total revenues of $1.37bn compared to $1.30bn in the prior year.

Same-store revenues increased 3.7%, while operating earnings for the quarter were $134.3m, compared to $127.8m for the second quarter of fiscal year 2007.

Adjusted operating earnings were $152.3m in Q2 compared to $145.9m in the second quarter of fiscal year 2007, an increase of 4.4%.

For the 26 weeks ended January 2008, the company reported total revenues of $2.51bn, up from $2.34bn in the prior year, with its comparable revenues increasing 4.9%.

Net earnings for the first half were $123m, up from $68.3m in the prior year period.

The company said it recorded other income of $32.5m in the first quarter of fiscal year 2008, representing a "one-time pension curtailment gain as a result of the company's decision to freeze pension and retirement benefits" last year.

In December 2006, the company completed both the purchase of the minority interest and the sale of Kate Spade LLC for pretax net cash proceeds of approximately $62.1m.

Sectors: Apparel, Finance, Retail

Companies: Neiman Marcus, Kate Spade