Neiman Marcus

Neiman Marcus Swings into Q4 Profit as Sales Hit Peak

In Industry News, Reports, What's New by Jeff PrineLeave a Comment

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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