Neiman Marcus Profit Falls 12% as Costs Rise
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From Bloomberg News
Upscale retailer Neiman Marcus Group Inc. said fiscal third-quarter earnings declined 12% as expenses rose and consumers bought fewer higher-priced items.
Net income fell to $41.1 million, or 87 cents a share, from $47 million, or 98 cents, a year earlier, when the company had a gain from an accounting change. Sales rose 4.4% to $722.9 million.
Neiman Marcus Class A shares were unchanged at $35.40 on the NYSE. Dallas-based Neiman Marcus released the results after the close of regular trading.
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