Neiman Marcus Group Ltd. LLC said today that it posted a drop in fiscal first quarter sales and earnings.

For the period ended October 31, total revenue fell 1.8 percent to $1.16 billion from $1.19 billion in the same period last year on same-store sales that fell 5.6 percent. The net loss for the quarter came in at $10.5 million, which compares to net income of $196,000 in the prior year. Adjusted earnings declined 15.4 percent to $164.3 million from $194.3 million. Operating earnings also declined.

Neiman’s reportedly had been eying an initial public offering, but is said to have called off those plans during the stock market turmoil in August.

 

load comments
blog comments powered by Disqus