Neiman Marcus 2Q Net Up 91% As Revenue Rises

Neiman Marcus Group Inc.'s fiscal second-quarter earnings climbed 91% as the luxury department store operator continued to see higher sales and as interest expense fell.

Neiman has continued reporting stronger revenue as its wealthy customers have returned since the recession. The company is also seeing the return of the so-called aspirational customer that is trading up.

On a conference call with analysts, Neiman Chief Executive Karen Katz said "value" is still primary no matter which kind of customer is shopping. "The customer remains discriminating," Katz said. "It's still very different than before the recession. She's still buying things she sees as a good value."

For the quarter ended Jan. 28, Neiman Marcus reported its profit rose to $40.1 million from $21 million a year earlier.

Gross margin widened to 32.8% from 32.3%.

Read Full Article from Wall Street Journal

- Posted: 2012-03-02 14:38:25

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