Neiman's Holds its Own

The Neiman Marcus Group Inc. (Dallas) reported a 3.3 increase in total revenues for its second quarter ending Feb. 1, 2003, and a 5.4 percent increase in revenues for February 2003.

Second quarter revenues for its Specialty Retail Stores segment, which consists of Neiman Marcus Stores and Bergdorf Goodman, were up 1.3 percent — 0.7 percent for the 37 Neiman Marcus stores and 7.1 percent for the two Bergdorf Goodman stores. Same-store revenues were down 3.2 percent, though operating earnings increased 7.3 percent.

In the four-week February period, comparable revenues for the Specialty Retail Stores segment increased 2.1 percent, though the retailer pointed out that the month's 2003 revenues benefited from a shift in the promotional calendar as a result of fiscal 2002 including a 53rd week. Due to this shift, the company currently expects negative comparable sales in March.

Revenue growth trends were the strongest in the Midwest. Best-selling merchandise included women's fine apparel and contemporary sportswear, designer handbags, designer jewelry, ladies' shoes and men's sportswear.

“Given the difficult retail environment, I am pleased with the continued progress we made during the second quarter,” said president and ceo Burton Tansky. “We maintained our focus on improving operations and, as a result, we experienced a significant improvement in gross margin and operating earnings.”