Neiman Marcus, Inc. reported total revenues of $927.2 million compared to $868.9 million in the prior year. Comparable revenues increased 6.4%.
For the quarter ended Oct. 30, Neiman Marcus' profit rose to $25.7
million from $8.5 million a year earlier. Gross margin widened to 39.3%
from 38.5%. Lower depreciation, amortization and interest costs also
helped results.
Operating earnings for the first quarter of fiscal year 2011 were $99.8
million compared to $74.8 million for the first quarter of fiscal year
2010.
The company said last month revenue rose 6.7% to $927 million, with
same-store sales increasing 6.4% following a 14% plunge last year.
Sales in Neiman's specialty retail segment rose 5.5% as operating
earnings jumped 22%. The direct-marketing segment, which includes Web
and catalog sales, had a 13% rise in sales while profit was up 15%.
The company ended the period with long-term debt of $2.88 billion,
down 3.1% from a year earlier. The heavy debt load is the legacy of the
company's $5.1 billion leveraged buyout by its current owners,
private-equity investors TPG Capital and Warburg Pincus LLC.
