Upscale department store retailer Neiman Marcus Inc has swung to a second quarter profit, helped by easy comparisons with the year-ago period and a return of high-spending shoppers to its stores.
The Dallas-based company reported net earnings of $4.0m for the three months to 30 January, compared to a loss of $509.2m in the prior year. Last year’s results were hit by impairment charges of $560.1m.
Total revenues nudged up 1.9% to $1.10bn from $1.08bn last time, while comparable revenues increased 0.6%.
The retailer, which operates the Neiman Marcus and Bergdorf Goodman chains, said operating earnings were $67.1m, versus an operating loss of $592.7m a year ago.
Click here for the full Q2 earnings statement.
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