Neiman triples profits, nabs Sears exec
September 9, 2004,
DALLAS — The Neiman Marcus Group has hired Steven Dennis as senior vice president, strategy, business development and multi-Channel Marketing. He will report to Burton Tansky, president and CEO of The Neiman Marcus Group.
Dennis spent twelve years with Sears, Roebuck and Co, where he held positions of increasing responsibility in strategy, new business development, general management and marketing. His most recent position was vice president, corporate strategy.
It was the lastest news in a busy week for the upstairs retail company. After the bell on Tuesday, the company reported that fourth fiscal quarter profits virtually tripled, shooting up 187 percent, to $20.6 million from $7.2 million last year.
The performance was fueled by a double-digit gain in same-store sales in a thriving market for luxury goods, as well as stronger margins and lower costs. Sales at the nation's premier carriage-trade retailer increased 12.3 percent, to $789 million from $702.7 million, while the crucial gauge of same-store sales jumped 12.5 percent.
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