Retail Industry
Industry: Email Alert RSS FeedTAKING STOCK: THE BOTTOM LINE ON THE SHOE BIZ.(Federal Reserve Bank of San Francisco appointed Blake Nordstrom)(Neiman Marcus Group Inc.'s earnings)(Belk Inc.'s earnings)
Footwear News, December, 2006
NEIMAN EARNINGS: Neiman Marcus Inc. reported last Thursday first-quarter operating earnings of $154.3 million, up from $104.9 million in the year-earlier period. On an adjusted basis, which the company said is a better representation of ongoing financial performance, operating earnings were $168.1 million, versus $140.2 million last year. Neiman Marcus, which in November agreed to sell its Kate Spade division to Liz Claiborne Inc. for $124 million, said net earnings in the quarter fell by more than half to $27.2 million, due to a $24 million loss from discontinued operations. Revenues in the quarter were $1.04 billion, up 10 percent from $946.2 million last year, and same-store sales increased 6.8 percent. The company said the strongest merchandise categories during the...
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