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Neiman Marcus Earnings Jump, Sales Rise

Luxury retailer Neiman Marcus Inc. said Wednesday that its Q1 profits more than doubled on strong sales.

Luxury retailer Neiman Marcus Inc. said Wednesday first-quarter earnings more than doubled as sales rose.

For the three months ended Oct. 27, earnings reached $78.8 million from $27.2 million in the same year-ago period. Sales grew 9 percent to $1.13 billion from $1.04 billion. Total same-store sales increased 6.5 percent and went up 5.8 percent in November.

The company said operating earnings for the first quarter of the 2008 fiscal year were $189.7 million compared with $154.3 million a year ago. On an adjusted basis, operating earnings for the quarter were $175.2 million compared with $168.1 million for the same year-ago quarter. Neiman’s also said it recorded income of $32.5 million in the current three-month period, which represents a one-time gain due to the company’s decision to freeze pension and retirement benefits as of Dec. 31.

For complete coverage, see Thursday’s issue of WWD.

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