Neiman's Shows Fourth Quarter Gain

Crediting improved inventory management tools, The Neiman Marcus Group (Dallas) reported that revenues for its fourth quarter ending Aug. 30, 2002, increased 4.7 percent.

For the entire 2002 fiscal year, however, revenues declined by 2.3 percent.

“I am pleased with the progress we made in the fourth quarter,” said president and ceo Burton Tansky. “We maintained our tight control of inventory, eliminated certain promotional events and concentrated on our core customer.”

Fourth quarter revenues rose 4 percent for the Specialty Retail Stores segment, which consists of Neiman Marcus Stores and Bergdorf Goodman. The revenues were up 4.8 percent at Neiman Marcus and declined 0.3 percent at Bergdorf Goodman. Same-store sales declined 2.5 percent and 7.3 percent at Neiman Marcus Stores and Bergdorf Goodman, respectively.

The company's other segments include the Kate Spade and Laura Mercier brands and Neiman Marcus Direct, the company's direct marketing operation.