Continuing to operate under intense pressure, Neiman Marcus Inc. on Wednesday reported a 33.8 percent drop in net profits and a 13.7 percent comparable revenue decrease in its first quarter ended Oct. 31.
Earnings fell to $8.5 million from $12.9 million a year ago, while total revenues dropped 11.9 percent to $868.9 million from $985.8 million. Operating earnings were $74.8 million compared with $81.6 million for the first quarter of fiscal year 2009.
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?"