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.



It's only fair to share...
Share on FacebookTweet about this on TwitterPin on PinterestShare on LinkedInPrint this pageEmail this to someone