Neiman Marcus Annual Earnings Down 20%

Dallas–The Neiman Marcus Group (NYSE: NMG.A), which mails the Neiman Marcus, Horchow, and Chef’s Catalog titles, suffered a 20% decline in net earnings for its fiscal year, despite a 3% increase in revenue. For the 52 weeks ended July 28, the high-end cataloger/retailer’s earned $107.5 million on sales of $3.02 billion. Last year’s earnings were $134.0 million on $2.93 billion in revenue. Sales in the direct marketing segment rose 5%, from $402.1 million last year to $424.4 million.

For its fiscal fourth quarter, Neiman Marcus reported a net loss of $20.6 million, compared with net income of $10.1 million a year ago. Total company revenue of $635.8 million was down slightly from $640.7 last year. Quarterly revenue at Neiman Marcus Direct was $86.6 million, up slightly from $85.7 million last year.

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