By  on December 10, 2008

Neiman Marcus Group, continuing to suffer from the worsening economy and reduced consumer spending, reported Wednesday that fiscal first-quarter profits fell 83.6 percent on a comparable-store sales drop of 14.5 percent.

The company expects its second quarter to see higher markdowns than a year ago, and is still grappling with inventories outsized in relation to demand. Executives said they hope to reach the right balance by mid-2009.

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