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BRIEFLY

September 01, 1987

Neiman-Marcus Group set a quarterly cash dividend of 5 cents per share on common stock, payable Oct. 30 to holders of record Oct. 9. Richard A. Smith, chairman and chief executive of the new company formed by the restructuring of Carter Hawley Hale Stores, said the board adopted a modest payout policy in view of the earnings outlook for this fiscal year and plans to spend $138 million in the next four years to open and modernize stores. The company anticipates that accounting changes might negatively affect earnings for the current year, which will end next July 31. Meanwhile, a spokesman at Los Angeles-based Carter Hawley said the department store company has no plans to pay a dividend.

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