WTF? Neiman Marcus profits and sales are up as luxury shoppers return

[w8liftinglady]

http://www.dallasnews.com/business/retail/20110527-neiman-marcus-profits-and-sales-are-up-as-luxury-shoppers-return.ece

Neiman Marcus Inc. said Friday that its fiscal third-quarter profit more than doubled, reflecting strong sales gains.

The Dallas-based retailer’s results represent more evidence of a luxury retail rebound. More customers are back and spending full-price for merchandise, and Tiffany & Co., Saks Inc. and others have recently reported strong gains.

Neiman Marcus reported profit of $46.2 million in the period ended April 30, compared with a profit of $18.5 million a year ago. Previous year cost cuts and lower interest expense contributed, but the company paid more in taxes.

Total sales were up 9.9 percent to $983.8 million from $895.2 million in the third quarter last year. Same-store sales increased 9.7 percent.

Operating income increased 45 percent to $123.2 million from $85.3 million in the same period last year. Earnings before interest, taxes and other items increased 23 percent to $169.9 million from $138.3 million a year ago.

The company is privately held but reports quarterly financial results because it has publiclytraded debt.

[Horse with no Name]

1. Two words.

Tax cuts.

[Vogon_Glory]

2. A Rising Tide Lifts All Yachts

I've noticed that the wealthiest few tend to be the first to benefit from any economic recovery. So those of ample means and deep pockets will be able to splurge again. Alas, for those of us with lesser means, we're still stuck in the mud.

[w8liftinglady]

3. I was gonna say... out here in the sticks...

people are digging linty change out of their pockets at Dollar General.
i have helped way too many add a tank of gas recently.

[thanks_imjustlurking]

4. No surprise.

The money has been and is being hoovered upward. The giant sucking sound.