Shop Talk

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)