With an emphasis on full-price selling, inventory management, and decreasing its promotional activities, upscale apparel and home decor marketer Neiman Marcus Group (NYSE:NMG.A), which mails the Horchow, Chef’s Catalog, and Neiman Marcus titles, reported an 8% revenue increase to $734 million for the 13 weeks ended Nov. 2. Last year, company sales totaled $681 million.
Net earnings for the Dallas-based multichannel marketer including the effects of a change in accounting principle, totaled $29 million, compared to $23 million last year.
For Neiman Marcus Direct, the company’s catalog and Internet division, revenue grew 12%, to $114 million, compared to $102 million last year. Operating earnings for Neiman Marcus Direct were $7.4 million in the quarter compared to a loss of $2.3 million last year.
First quarter revenues for the Specialty Retail Stores segment, which consists of Neiman Marcus Stores and Bergdorf Goodman, were $601 million, compared to $561 million in the previous year.