Neiman Marcus at the Roosevelt Field Mall in Garden City, N.Y.

Neiman Marcus Group, up against declining tourist spending, the volatile stock market and a tough holiday season, reported net earnings fell 71.6 percent to $7.9 million for its second fiscal quarter ended Jan. 30, compared to $27.8 million for the year-ago period.

Adjusted earnings before interest, taxes, depreciation and amortization were $183 million, versus $205.9 million in the second quarter a year ago.

Total revenues for the luxury chain slipped 2.3 percent to $1.49 billion, compared to total revenues of $1.52 billion for the second quarter of fiscal year 2015.

Comparable revenues decreased 2.4 percent.

Last month, Neiman’s opened its first store on Long Island, in the Roosevelt Field Mall in Garden City. Neiman’s plans to open its first store in New York City in 2018, in Hudson Yards which is under construction on the west side of Manhattan.

load comments
blog comments powered by Disqus