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Chef's Catalog Costs Neiman Marcus

DALLAS-The upscale retail does well in its first quarter, but the disposition of Chef's Catalog cost it millions.

By Dees Stribling | Updated on December 01, 2004

DALLAS-Though up from last year, carriage-trade retailer Neiman Marcus’ first-quarter numbers were dragged down by the sale of its Chef’s Catalog cookware business recently, with the company reporting net earnings of about $64 million, or $1.30 per diluted share in the first quarter of fiscal year 2005 (ended Oct. 30), compared to $56 million, or $1.16 per diluted share, in the first quarter of fiscal year 2004. But for the loss on the disposition of Chef’s Catalog, adjusted earnings for the Q1 2005 would have been about $73 million, or $1.49 per diluted share.

“We had an outstanding quarter,” said Burton M. Tansky, president and CEO of the retailer during Wednesday’s earnings conference call. “The results were accomplished by leveraging our expense base, and improving our gross margin through an emphasis on full-price selling and inventory management,” he noted, adding that same-store sales throughout the company’s properties rose 8.4%. Some analysts had predicted an increase of 9.8%.

First-quarter revenues for the specialty retail stores segment, which consists of Neiman Marcus stores and Bergdorf Goodman, were $737 million, compared to $665 million in the previous year, representing an increase of 10.4% at Neiman Marcus stores and 14.3% at Bergdorf Goodman. Comparable revenues for Neiman Marcus stores increased 10.6% for the first quarter of fiscal 2005.

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