Neiman Marcus Group said Tuesday that net income increased 67 percent in the quarter to $34 million from $21 million a year earlier.
For the year ended July 30, net income rose 21 percent to $248.8 million as sales gained 8.4 percent to $3.82 billion.
Sales in the quarter rose 8.5 percent to $851.4 million. For the year, revenue increased to $3.82 billion from $3.52 billion in fiscal 2004.
Same-store sales increased 6.4 percent at Neiman Marcus stores for the quarter. For the year, same-store revenues rose 8.1 percent.
“This was an outstanding year for the Neiman Marcus Group,” said Burton M. Tansky, president and CEO. “The productivity of our business model continued to improve as we achieved a record operating margin and sales per square foot.”
Tansky continued, “We achieved these record results through our intense focus on full price selling, efficient inventory management, and disciplined expense control. We believe this strategy, in combination with our many initiatives, will further strengthen our position in the luxury market.”
This was Neiman-Marcus’s final earnings report before it becomes a privately held company. Private equity firms Texas Pacific Group of Fort Worth and New York-based Warburg Pincus LLC are reportedly expected to complete the pending $5.1 billion acquisition of the luxury chain in November.
The company has 35 Neiman Marcus stores in the U.S. and two Bergdorf Goodman’s in New York.
New stores are opening this fall in San Antonio and Boca Raton, Fla. Next fall, locations will open in Austin and Charlotte, N.C.
A new Boston-area store is planned for 2007, and two additional California locations have been announced for 2008.