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Article: Bergdorf's paces NM Group year; profits up 29.9%. (department store Bergdorf Goodman, retailer Neiman-Marcus Group Inc.)
- Article from:
- WWD
- Article date:
- November 2, 1989
CopyrightCOPYRIGHT 1989 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BERGDORF'S PACES NM GROUP YEAR; PROFITS UP 29.9%
NEW YORK (FNS) - Bergdorf Goodman remained the star of the Neiman Marcus Group, producing a 29.9 percent increase in operating profits in the fiscal year ended July 29. It also boosted its operating margins to 13.6 percent from 12 percent in the prior year.
But, according to the group's annual report, continued investment spending at Bergdorf's - particularly for the new men's store and resulting space reallocations - will make it difficult to achieve earnings gains this year.
The report also noted a dramatic turnaround at Contempo Casuals, which had a profit of $3,072,000 compared with a loss of ...