Neiman Marcus Reports Holiday Quarter Loss
More bad news for luxury brands. HIgh-end department store Neiman Marcus reported that it lost $509.3 million for the quarter ending January 31. It was the first loss during a holiday quarter in recent memory for the company which had a profit of $44.3 million in the same quarter last year.. The quarter was burdened with writedowns totaling over half a billion dollars in addition to offering deep discounts for goods in order to jumpstart lackluster shopping.
The company's chairman told investors that Neiman Marcus will be working with the brands it sells to lower prices and that it will also be paring back its inventory to keep pace with less spending by its customers. The AP's story quotes Neiman Marcus's Burton M. Tansky, during a conference call with investors as saying: "Our customer wants luxury. She has not shown any indication to move away from it. What she is doing is she is just not shopping."
Reader Comments (Page 1 of 1)
dyt1983 Mar 13th 2009 1:19AM
More fantastic blogging on Luxist. There was a loss of $500 million this quarter and it was the first loss for "the company which had a profit of $44.3 million in the same quarter."
A loss and a profit in the same quarter. I see.
Good thing the source is there which gives the correct information. If we have to keep going to the source, why bother reporting anything but a byline and link? Might do you some good if you can't get it right.