(Filed Under Financial and General Interest News). Leading retailer Neiman Marcus Group, Inc. reported an 88 percent surge in first-quarter earnings due to stronger sales and lower interest expense.
Profit came to $48.4 million, up from $25.7 million in the prior year’s period. Net interest expense fell 26 percent, contributing to the rise in net profit. Gross margin rose to 39.4 percent from 39.3 percent.
The company’s total revenue rose 8.2 percent to reach $1 billion. Same-store sales jumped 8 percent, while direct-marketing sales, including catalog and Internet sales, grew 15 percent. The retailer recently began accepting Visa and MasterCard at its 41 locations, where it had only previously accepted cash, American Express or the company’s Neiman’s card. Neiman Marcus had already accepted the major credit cards at its website and its Bergdorf Goodman chain, but expanded the practice to stores to draw in younger customers.
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