Financial Reports: Neiman Marcus, Jos. A. Bank, Cutter & Buck

Discontinued Operations Hit Neiman Marcus Bottom Line
A $24.2 million loss from discontinued operations led to a steep drop in quarterly income for luxury merchant Neiman Marcus Group. For the fiscal first quarter ended Oct. 28, the Dallas-based cataloger/retailer posted net income of $27.2 million. For the previous first quarter, it had netted $55.0 million. The discontinued operations include the Kate Spade accessories business, which it agreed to sell last month.

Sales for the quarter rose, however: 7%, to $1.04 billion. Revenue for Neiman Marcus Direct, which consists of the catalog and online operations for Neiman Marcus and Horchow and the Bergdorf Goodman Website, rose nearly 15%, to $159.3 million. And the division’s operating earnings grew more than 42%, to $20.8 million.

Double-Digit Growth for Jos. A. Bank
Hampstead, MD-based men’s apparel cataloger/retailer Jos. A. Bank Clothiers recorded a 21% increase in third-quarter catalog and Internet sales. Total sales rose 13%, to $119.5 million for the three months ended Oct. 28, up from $105.6 million a year ago. Net income climbed 17%, to $5.5 million from $4.7 million.

Cutter & Buck’s Consumer Direct Business Thrives
Sales at Seattle-based sportswear manufacturer/marketer Cutter & Buck increased 11%, to $37.3 million for the fiscal second quarter ended Oct. 31. Net income nearly tripled, to $2.5 million from $900,000 a year ago. And sales from the consumer direct business more than doubled, to nearly $2.5 million from less than $1.2 million last year, largely due to the consumer catalog launched in September 2005.

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