Neiman Marcus Meets the Street - TheStreet

Neiman Marcus Meets the Street

The high-end retailer's fiscal first-quarter earnings nearly double, in line with expectations.
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Per-share earnings at

Neiman Marcus Group

(NMGA)

nearly doubled in the company's fiscal first quarter, matching estimates.

In its quarter ended Nov. 1, the high-end retailer earned $56.22 million, or $1.16 a share, on sales of $824.86 million. The company earned $28.52 million, or 59 cents a share, on $734.08 million in revenue in the year-ago period.

Earnings in the first quarter a year ago were depressed by an accounting change. Without the change, Neiman Marcus would have earned $43.32 million, or 90 cents a share.

Analysts had projected that the company would earn $1.16 a share in the quarter, according to Thomson First Call. Neiman Marcus had previously projected that its earnings would come in between $1.12 and $1.17 a share.

The company did not immediately give guidance for its fiscal second quarter. Wall Street is expecting the company to earn 79 cents a share in the holiday quarter.

Neiman Marcus' shares closed regular trading down 20 cents, or 0.4%, to $54.75.