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June 09, 2006
Neiman's Reports Strong Sales, Expansion Plans
Neiman Marcus’s third quarter results were mixed, as same store sales showed a moderate increase while income plunged on interest expenses.
The luxury department store chain, which is owned by Texas Pacific Group and Warburg Pincus, reported net income of $40.5 million for the quarter ended April 29 on sales of $1.03 billion.
Same store sales rose 4.5 percent over a year ago, driven by women’s apparel, including couture, eveningwear, and contemporary apparel, according to Neiman execs.
While sales increased 10 percent over the year-ago quarter, income was eaten up by interest expense since Texas Pacific and Warburg Pincus financed their October buy of the retailer with debt.
Neiman predicted growth going forward, with plans to open new stores and increase Website sales.
Posted by Blacks on June 9, 2006 12:13 PM
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