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.