US: Neiman Marcus Q3 profit rises on sales growth
- Q3 profit rose 13% to $70.8m
- Revenues up 3.8% to $1.10bn
Upscale department store retailer Neiman Marcus has booked a 13% increase in third-quarter profit, boosted by higher sales.
Net earnings reached US$70.8m for the 13 weeks to 27 April, compared to $62.6m in the same period last year. Revenue rose 3.8% to $1.10bn from $1.10bn in the prior year, while comparable sales were up 3.6%.
For the first nine months of the year, net earnings grew 6.4% to $160.8m over $151m. Revenues reached $3.53bn, up 5.7% from $3.5bn last year.
The company earlier this month confirmed plans to scale back its physical operations in China, closing a warehouse set up to serve its online business in the country.
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