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."
How Kidnapping Suspect Passes Time Behind Bars
Chili's Waitress Fired Over Facebook Post Insulting 'Stupid Cops'
PHOTOS: 10 Deadliest Periods In History (NEW BOOK)
Billboard Music Awards: Worst Dressed (or Most Daring?) From Past Red Carpets
HSBC Plans 14,000 More Job Cuts
These American Companies Refused To Sign The Bangladesh Safety Accord
Forbidden America: Cold War-Era Map Shows No-Go Zones For Soviet Tourists
Man Takes Dump In Background Of Instructional Workout Video
Courtney Stodden Has A Sex Tape
Tenants: Stench of Death Makes St. Louis Complex 'Unlivable'
Famous Roadside Attractions
12 Common Workout Myths Debunked
Hands-on with the Samsung Galaxy S 4 running stock Android 4.2
Taylor Swift Q and A: What Does She Splurge on in Las Vegas?
Teen Who Died During Her First Solo Drive May Have Been Texting
Bill Gates regains title of world's richest person as Microsoft stock hits five-year high
Former OJ Attorney Gives Shocking Testimony
Radio Host Makes Shocking Claim About Shooting Hillary Clinton
Guess Which State Boasts The Most Million-Dollar Homes?
LOOK: There's Something Wrong With This Picture
Police Investigate Student Shooting Death
PHOTO: Looking Good! Chaz Bono Loses 65 Pounds
PREGNANT!
McDonald's Store Owners Fear Fast Food Chain Becoming Too Slow
PHOTO: Rob Kardashian Takes A Hike
Will Smith, Jaden Smith Get Photobombed
New Leads In Case Of Missing British Girl
Jodi Arias' Lawyers Want Out
Waitress Surprised With HUGE Tip On Tiny Bill
Student Shot Dead During Botched Home Invasion
LOOK: Khloe K Shows Curves In SKIN TIGHT Dress
Pictures Showing Pregnant Teens' Bumps Banned From Yearbook
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.