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Neiman Marcus Cleans Up

DALLAS-The retailer's latest numbers show that people are buying luxury goods like there's no tomorrow.

By Dees Stribling | Updated on March 02, 2005

DALLAS-The Neiman Marcus Group did well in its second fiscal quarter of 2005 (ended Jan. 29), turning in a comp-store sales increase of 10.4% compared with the same quarter a year ago. This quarter represents the sixth straight quarter of comp-store sales increases of more than 10% for the company. Net earnings in the quarter were $71 million, or $1.43 per share, compared to $59 million, or $1.21 per share, in the second quarter of fiscal year 2004.

“Our customers continue to respond luxury, and to intensive and personalized service,” said Burton M. Tansky, president and CEO of Neiman-Marcus, during Wednesday’s earnings conference call. “As a result, our full-price selling remained strong through the holidays.”

According to Tansky, the company’s strategy of focusing on “share-wallet”—that is, selling more to each customer—also paid off. “We believe there’s a strong correlation between our strong performance and our sales training program that emphasizes developing strong relationships with the customers,” he noted. “One indication of the success of this program is that our average transaction grew once again this quarter.”

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