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E-commerce propels profits for Neiman Marcus
Neiman Marcus got a boost in the second quarter from its October purchase of mytheresa.com, a German luxury e-retailer.
For the 13 weeks ended Jan. 31, the company reported a profit of $27.8 million, compared with a year-earlier loss of $84 million. Revenue grew to $1.52 billion from $1.43 billion in the prior-year period. Sales at stores open more than a year and online rose 5.6%.
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Neiman Marcus swings to Q2 profit, boosted by sales from German acquisition
Dallas -- Neiman Marcus Group swung to a profit in the second quarter, helped by a 15% increase in online sales and its acquisition of Germany luxury online retailer MyTheresa.
The upscale retailer reported a profit of $27.8 million in the quarter ended Jan. 31, compared with a loss of $84.0 million in the year-ago period. (Neiman’s loss last year was partially credited to expenses related to
Revenue grew to $1.52 billion from $1.43 billion in the prior-year period. Same-store sales and online sales rose 5.6%.