Revenue Is Up at Neiman Marcus, But Income Drops Slightly
The Neiman Marcus Group Inc., Dallas, reported yesterday that for the 13 weeks ended May 3 it posted total revenue of $723 million compared with $693 million in the previous year.However, net earnings dipped from $47 million a year ago to $41 million. Excluding the effect of implementing a new vacation policy and "certain other items," adjusted earnings a year ago totaled $42 million.
Neiman Marcus Direct reported revenue of $113 million in the recently concluded quarter compared with $102 million for the prior year. Operating earnings for the company's direct marketing division were $10 million, unchanged from a year ago.
In other news:
* Delia's Corp., New York, reported net sales during the quarter ended May 3 of $29.5 million compared with $28.8 million during the previous year. Direct sales dropped 12 percent in conjunction with a 22 percent drop in circulation. The net loss for the quarter reached $7.3 million compared with a net loss of $4.3 million in the same period a year ago.
