Neiman Marcus' Black Ink

The Neiman Marcus Group (Chestnut Hill, Mass.) announced that its operating profit rose 20 percent for the first quarter of its fiscal year. The company, which includes upscale Neiman Marcus and Bergdorf Goodman stores, cited strong apparel and jewelry sales.

Net income rose to $50 million from $37.4 million a year earlier, but the company warns that earnings may be flat for the second quarter, based on weak November sales.

Neiman Marcus is opening a new Palm Beach, Fla., unit tomorrow.