Neiman Marcus Inc. finally reports profits

As the world slowly but steadily recovers from the recession, the luxury goods market can finally heave a sigh of relief. After reporting consecutive quarterly losses last year, luxury department store, Neiman Marcus inc. has finally got a cause for celebration. It is reported that the luxury department store has finally earned profits in its second quarter in comparison to last year’s dismissal earnings! The company reported it earned $4 million for the quarter, compared with a net loss of $509.2 million in the prior year. Revenue grew to $1.1 billion, compared with $1.08 billion in the period a year earlier, as both in-store and direct sales grew. The new boom in the luxury market has definitely wiped away the gloom cast by the recession.
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