Neiman’s Completes Solid 2Q

The Neiman Marcus Group Inc. (Dallas) has reported a 7.6 percent increase in total revenues for its second quarter of fiscal year 2005 ended January 29.

Net earnings were up 20.3 percent.

For the first half of the fiscal year, total revenues are up 9 percent and net earnings are up 17.4 percent.

Second quarter revenues for the Specialty Retail Stores segment, which consists of Neiman Marcus Stores and Bergdorf Goodman, were up 9.6 percent and comparable revenues increased 9.6 percent — 9 percent for Neiman Marcus Stores.

“Our second quarter financial results confirm our strong position in the luxury market,” said president and ceo Burton Tansky. “This quarter represents our sixth consecutive quarter of double-digit comparable store sales increases. [9.6 rounds off to 10 percent.] The key to our successful second quarter included our continued focus on full price selling and inventory management which led to high sales productivity and improved gross margins.”

For the month of February 2005, the luxury retailer announced that total revenues were up 6.5 percent and comparable revenues increased 7.7 percent. The increase in comparable revenues at the Neiman Marcus Group in the four-week February 2005 period was 7.7 percent, while the increase for the same period last year was 24.9 percent. Comparable revenues in the Specialty Retail Stores segment increased 6.6 percent. The retailer said revenue growth trends were the strongest in its stores in the West and Southeast. Merchandise that sold well in the stores included women’s contemporary sportswear, designer jewelry, accessories and men’s and women’s shoes. The top-selling merchandise categories in the Direct Marketing [online] segment included women’s contemporary sportswear and dresses, jewelry and women’s shoes and handbags.

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