US: Neiman Marcus Q1 profit falls 84%
Upscale department store Neiman Marcus Inc has seen its first quarter profit slump after being hit by lower sales at its stores.
For the three months to 1 November, net earnings dropped to $12.9m from $78.8m a year earlier.
Revenues fell 12.7% to $986m from $1.13bn in the prior year, and comparable revenues dropped 14.5%.
Operating earnings at the Dallas-based firm were $81.6m compared to $189.7m a year ago.
Liz Claiborne owned fashion and lifestyle brand Juicy Couture is opening its first intimate apparel store in June....
Upscale retailer Neiman Marcus has swung to a second quarter loss after it was hit by slumping sales and writing down the value of its assets by $560.1m....
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