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Taste for luxury remains at Neiman Marcus
DALLAS — While the still struggling economy may have rendered most Americans cautious spenders, such luxury retailers as Neiman Marcus remain resilient. The company reported that total revenues for the fourth quarter were $919.7 million compared with $826.3 million for the prior year. Comparable revenues increased 11%. Operating earnings for the fourth quarter of fiscal year 2011 were $17.5 million compared with $4.5 million for the fourth quarter of fiscal year 2010.
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After August comps gains, retailers should expect reduced spending
COLUMBUS, Ohio — Retail same-store sales held steady with a 4.9% gain in August as retailers reported mostly solid back-to-school results at the same time sales at department stores were hurt by the impact of Hurricane Irene and weaker spending plans by shoppers, Kantar Retail reported on Thursday. However, shoppers plan on reducing their spending over the next few months, the company reported.