Shop Talk

Retailers, consumers and prices

Check Out Line: Neiman marked down

December 10, 2008

NEIMAN MARCUSCheck out how the rich aren’t all that different from the rest of us after all.
 
They aren’t spending any money either — at least that’s how it looks according to the earnings for upscale department store Neiman Marcus.
 
Revenue fell 13 percent to $986 million in the first quarter, which ended Nov. 1.
 
Operating profit, excluding one-time items, fell almost 50 percent.
 
The results are not necessarily a surprise. Unlike other recent economic slowdowns, luxury retailers have been hit this time around, too.
 
But the earnings do serve as a reminder that this recession is a falling tide that grounds all boats.
 
Also in the basket:
 
Office Depot closing stores, distribution centers
 
Stores build up cash to weather the storm (WWD, subscription required)

(Reuters photo)

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  •