Neiman Marcus Group reported net income of...

Neiman Marcus Group reported net income of $9.9 million, up from $288,000 in the first quarter of fiscal 1988. However, the 1988 period included a $10.5-million after-tax charge relating to the adoption of new accounting policies. Revenue for the quarter ended Oct. 29 was up 11.3% to $331.4 million. The Chestnut Hill, Mass.-based retailer said the revenue gain primarily reflected a 4.3% increase in comparable store sales as well as results from Horchow Mail Order Inc., which was acquired Oct. 1. Neiman Marcus division, which accounts for about 75% of total revenue, had higher sales but lower operating earnings in the quarter due to increased markdown activity and higher expenses, the company said.