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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)