Neiman Marcus Swings into Q4 Profit as Sales Hit Peak

Neiman MarcusDallas—Some good news for Ares Management LLC and the Canada Pension Plan Investment Board, who confirmed last week plans to buy Neiman Marcus Group for $6 billion.

In a fourth quarter earnings report released today, Neiman Marcus Group swung into a profit. For the quarter ended August 3, the luxury retailer posted a net profit of $2.9 million compared with a loss of $11.1 million a year ago.

Net sales were up 11% to $1.12 billion. Comparable store sales increased 5.4%. In the company’s specialty retail stores segment, which includes Neiman Marcus, LastCall and Bergdorf Goodman and represents 77% of total volume, sales increased 8.4% to $862.3 million. Online sales rose 22%.

Total sales for fiscal 2013 increased to $4.65 billion, up from $4.35 billion in 2012 and above its previous peak year of $4.55 billion in 2008. Comp store sales for the year were up 4.9%

Neiman Marcus reported a profit of $163.7 million for the year, compared with a profit of $140.1 million in the prior year.

Due to the pending sale, the retailer declined further comment on its financial report.

 

 

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Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com