Retailer’s Profits Go Up-Scale
By George Anderson
The Neiman Marcus Group reported profits increased 36 percent in the company’s last quarter driven by significant same-store increases at its namesake and Bergdorf Goodman stores.
According to an Associated Press report, Neiman Marcus stores open for at least a year posted a year against year increase of 5.2 percent. Bergdorf Goodman’s same store
sales were up 16 percent.
Moderator’s Comment: Are improving sales at upscale retailers such as Neiman Marcus an indicator that consumers are feeling more secure financially and
less sensitive about prices?
Many consumers took their tax refund checks and headed for Wal-Mart. Could it be the wealthy took their refund checks to Bergdorf Goodman? [George
Anderson – Moderator]