Writedowns of more than half a billion dollars led to a $509.3 million net loss in Neiman Marcus Inc.’s second quarter, and the retailer said Wednesday it would adjust assortments, return merchandise and seek greater markdown money as the economy continues to struggle.
The loss for the three months ended Jan. 31 compares with net profits of $44.3 million in the corresponding period a year earlier. Excluding $560.1 million in impairment charges, the company’s operating loss for the quarter was $32.6 million versus operating income of $134.3 million in the second quarter of last year. Adjusted earnings before interest, taxes, depreciation and amortization was $24.6 million, compared with $187.3 million the previous year.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"