Neiman Marcus nearly quadrupled its earnings in its fiscal first quarter as fewer discounts helped the retailer fatten its margins, according to people with knowledge of the closely held company’s earnings. Quarterly revenue increased roughly 39% from a year earlier to $979 million but declined 6.7% from 2019, they said. Neiman Marcus is joining the fray of retailers that boosted profitability by reducing markdowns. Neiman Marcus customers who shop across both channels spend 4.5 times more within a year than a customer who only buys online or in-store, he said. The company has 37 namesake stores across the U.S. and two Bergdorf Goodman stores in New York.

Source: Ethiopian News December 15, 2021 23:35 UTC