US: Neiman Marcus Q1 profit up on rising sales
- Q1 net profit up 2.5% to US$49.6m
- Total revenues increased 6.5% to $1.07bn
- Comparable revenues rose 5.4%
Upscale department store operator Neiman Marcus has seen its first-quarter net profit rise 2.5% on the back of higher sales of apparel, footwear and accessories.
Net earnings reached US$49.6m during the quarter to 27 October, compared with $48.4m last year.
Total revenues increased 6.5% to $1.07bn, against $1bn the prior year. Comparable revenues rose 5.4%.
The Dallas-based retailer said earlier this month that growth was driven by women's sportswear and shoes, men's, designer handbags and jewellery, with strong sales in the Southeast and Texas.
At its specialty retail stores, which include the Neiman Marcus and Bergdorf Goodman stores, revenues rose 4.9% to 851.3m, compared to $811.8m last year. Online revenues were up 13.5% to $217.2m against $191.3m the year before.
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Three US retailers have agreed to settle charges brought by the Federal Trade Commission (FTC) of misleading consumers over "faux fur" clothing and footwear products....
Retailer Neiman Marcus improved its performance in the second quarter of fiscal 2013, boosting revenues by over 6% and adjusted earnings by nearly a quarter....
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