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Neiman Marcus Sales Drop 25%
(Source: Wall Street Journal)
Weak sales and heavy discounting drove Neiman Marcus Group to a $168.5 million loss for its most-recent quarter. Excluding accounting charges, the loss was $25.4 million, compared to a loss of $4.3 million in the comparable period last year. . . . keep reading
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Suffering Continues for Luxe Retail
(Source: LuxuryBrandNetwork.com)
Sales data shows that cutbacks in spending by affluent consumers are intensifying. In the retail sector during the fourth quarter, Nordstrom reported a same-store sales decline of 13%, with full-line stores dropping an even more significant 16%. That led to a 68% decline in fourth quarter profit. . . . keep reading
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Neiman Marcus Cuts 375 Jobs (1/19)
(Source: Reuters India)
Neiman Marcus Group Inc. announced it was eliminating 375 jobs in response to weak economic conditions. The cuts represent just over 2% of the company's total workforce. . . . keep reading
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