NEW YORK — Inventory management and strong full-price selling turned Neiman Marcus Group’s final quarter into a profitable one and helped it beat Wall Street estimates.
For the 14 weeks ended Aug. 3, the Dallas-based parent firm of Neiman Marcus and Bergdorf Goodman said it recorded a quarterly profit of $5.3 million, or 11 cents a diluted share, reversing a loss of $20.6 million, or 44 cents, for the 13 weeks last year. Analysts were expecting NMG to report earnings of 8 cents, according to First Call. The bottom-line results include numerous charges, including a 2 cent per share toll for the write-down of three Kate Spade stores in the most recent quarter and, in the previous year, 13 cents in impairment charges for NMG’s investment in WeddingChannel.com.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"