Check 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)
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