Neiman Marcus posts loss
Upscale retailer Neiman Marcus NMRCUS.UL posted a quarterly loss on Wednesday, as sales suffered through the holiday season at the hands of frugal U.S. consumers.
The company posted a net loss of $509.2 million in the fiscal second quarter that ended on January 31, compared with a profit of $44.3 million, a year earlier.
Adjusted for charges, such as a non-cash impairment costs and a pension curtailment gain, Neiman said its loss in the quarter was $32.6 million.
Neiman, which runs both its namesake and Bergdorf Goodman stores, faced a 21.4 percent drop in second quarter sales to $1 saving account payday loan.08 billion, while same-store sales fell 22.8 percent.
The company has also said that it will cut out or delay some projects to give itself additional liquidity.
Neiman, like other upscale retailers Saks Inc and Nordstrom Inc, has taken a deep hit as even shoppers who frequent higher-end stores cut back on spending in the recession.
(Reporting by Aarthi Sivaraman; Editing by Derek Caney)