Neiman Marcus posted a 50 percent decline in third-quarter earnings on Thursday, blaming the disappointing results on a large loss from discontinued operations.
For the three months ended Oct. 28, net income at the luxury retailer fell to $27.2 million from $55 million last year. Revenues grew 9.8 percent to $1.03 billion from $946.2 million in the year-ago period, and comparable revenue increased 6.8 percent.
The retailer is holding a conference call today to discuss results.
For complete coverage see tomorrow's issue of WWD.
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?"