Neiman Marcus profit soars 36%

Neiman Marcus Group Inc. Tuesday said its profits surged about 36% in the fourth quarter, amid solid revenue growth at its namesake stores and Bergdorf Goodman.

The Dallas-based upscale department-store chain reported net income of $7.2 million for the fiscal fourth quarter ended Aug. 2. That compares with $5.3 million for the previous year’s fourth quarter.

Last year’s results included impairment and other charges that totaled $1.1 million.

Revenue rose 5.4% to $702.7 million from $666.4 million a year earlier, lifted in part by a 4.2% increase at Neiman Marcus Stores and Bergdorf Goodman stores.

For the quarter, sales at stores open more than a year increased 5.2% at Neiman Marcus Stores and were up 16% at Bergdorf Goodman.

For fiscal year 2003, the company said its net income rose about 9.7% to $109.3 million compared with $99.6 million in fiscal 2002.

Revenue for the full year rose by 5.1% to $3.1 billion from $2.95 billion a year earlier, the company said.