Retail Detail. Neiman Marcus Still Hitting the Mark Despite Competition. Second City Style Fashion Blog

June 8, 2007 • Shopping

Nanette Lepore Ruffled top $195
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Tahari Gavrielle Skirt $209


See By Chloe Silk Cami $81

Maybe it’s the deals at the designer sale or free shipping offers inundating inboxes, but despite the heated competition for those luxury dollars, Neiman Marcus is still at the lead of line, sales jumping almost 47% in the third quarter. As WWD reports,
handbags, designer jewelry, dresses, women’s shoes and the men’s
categories were what pushed them forward.. that and my dollars…– Joanne Molina for Second City Style

Neiman’s Net Up 47% Despite Competition
Published: Friday, June 08, 2007

Luxury retailers are ratcheting up their games, but Neiman Marcus Group Inc. is unfazed by the widening competition.

the third-quarter ended April 28, Neiman’s said Thursday that earnings
jumped 47 percent to $59.5 million from $40.5 million in the year-ago

Total revenues grew 8 percent to $1.07 billion from $99.3 million, and same-store sales rose 6.1 percent.

are very, very pleased with our results for the quarter and our ongoing
positive results, and we are reaching new levels of performance that we
are proud of," Burt Tansky, president and chief executive officer, told
WWD. "We work very hard to get these kind of results, and we have
potential to improve further. We are not changing anything. What we do,
we do well. We understand the customer, know what she wants and we
serve her well."

During a conference call, Tansky cited
handbags, designer jewelry, dresses, women’s shoes and the men’s
categories as leading segments for the last quarter.

main rivals — Saks Fifth Avenue, Bloomingdale’s, Nordstrom and Barneys
New York — are expanding with more doors and showing strong results, as

"We haven’t felt any of the impact of that," Tansky
said. "It takes more than buying merchandise to get it sold properly.
It has to be accompanied by service, follow-through and developing a
relationship with customers. Those are the ingredients our customers
expect. It takes a great deal more to be successful at the top range of
fashion than just buying goods and putting it out on the floor. You
have to be able to sell it profitably."

Asked for his outlook on
fall, Tansky said, "We continue to be opportunistic about levels of
business as we go forward. We’re pleased with our selection of
merchandise. Based on an early view of designer offerings, fall could
be a good season. Goods are starting to roll in now and [deliveries]
peak in August and September."

Operating earnings for the
quarter were $162.6 million up from $133.1 million in the same quarter
last year. Adjusted operating earnings were $180.6 million, a 20
percent increase from $150.6 million. Neiman’s believes adjusted
operating earnings, which exclude amortization, acquisition costs,
non-cash charges and other costs, is a more meaningful representation
of the company’s economic performance.

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