• Q1 profit rose 80.3% to reach US$48.4m
  • Sales rose 7.8% to $1bn
  • Comparable store sales increased 8%

Neiman Marcus saw its first-quarter profit soar by 80.3% as the luxury department store operator posted stronger sales over the period.

The US retailer yesterday (28 November) said net income rose to US$48.4m for the quarter ended 29 October. Sales rose 7.8% to $1bn, as comparable store sales increased 8%. Operating earnings reached $122.8m, up 23% on the same period of the previous year.

Neiman Marcus in September said its fourth-quarter losses doubled to $61.4m as it incurred costs related to refinancing some of its debt.