Neiman Marcus Sees Q1 Sales Gain, Earnings Down
The Neiman Marcus Group Inc. said yesterday that comparable-store revenue increased 8 percent for the first quarter of fiscal year 2006, as revenue jumped from $908 million last year to $976 million. Also, operating earnings for the Dallas-based multichannel merchant in the 13 weeks ended Oct. 29 were $104 million compared with $110 million last year.Revenue for the company's direct marketing operation was down slightly because of the November 2004 sale of Chef's Catalog: $139 million versus $140 million last year. On a comparable basis, excluding Chef's Catalog, revenue increased 10.4 percent. Also, operating earnings for Neiman Marcus Direct were $15 million in the first quarter, up from $11 million in the prior year, representing a 29 percent gain.
On Oct. 6, Neiman Marcus announced the completion of its acquisition by an investor group led by Texas Pacific Group and Warburg Pincus LLC.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
