Neiman Marcus Profit Rises 67% on Sales
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Upscale department-store retailer Neiman Marcus Group Inc. said fiscal third-quarter profit rose 67% as sales registered their biggest gain in almost eight years and the company controlled costs.
Net income rose to $68.8 million, or $1.40 a share, meeting expectations, from $41.1 million, or 87 cents, a year earlier. Sales rose 21% to $878 million, the Dallas-based company said. Chief Executive Burton Tansky is selling more goods at full price and reducing inventory.
Neiman Marcus rose 25 cents to $51.48 on the NYSE. Results were released after the close of regular trading.
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