Neiman Marcus Earnings Tumble

Luxury department store retailer Neiman Marcus experienced a drop in earnings and sales in its third quarter. 

For the third fiscal quarter ended April 30, the Neiman Marcus Group posted net earnings of $3.8 million compared to net earnings of $19.8 million for the prior-year period. Comparable revenues decreased 5% year over year, the company stated.

Neiman Marcus reported total revenues of $1.17 billion, down 4.2% from $1.22 billion versus the year-earlier quarter.

The Neiman Marcus Group includes 42 namesake stores located across the United States and two Bergdorf Goodman stores in Manhattan, as well as 29 off price Last Call clearance centers, 13 Last Call Studios and five Cusp stores, in addition to e-commerce operations.