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Neiman’s Net Slips 7 Percent

Sales decline 1 percent, but net up 40 percent in nine months.

Neiman Marcus Group reported a 7 percent dip in third-quarter earnings on Wednesday.

For the three months ended April 26, earnings fell to $55.4 million from $59.5 million last year. Total revenues for the quarter fell 1 percent to $1.06 billion from $1.07 billion, while comparable revenues dropped 2.5 percent.

For the nine-month period earnings grew 40 percent to $178.5 million from $127.8 million in the year prior. Revenue jumped 4.7 percent to $3.57 billion from $3.41 billion, while comps increased 2.6 percent.

For further coverage, see June 5th issue of WWD.