Headlines

Neiman's Demons

Luxury retailer reports slow sales, warns of disappointing earnings

Published

23 years ago

April 6, 2001

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The Neiman Marcus Group (Chestnut Hill, Mass.) announced that revenues for the five-week period ending March 31, 2001, were down 3.6 percent and same-store sales were down 4.7 percent. As a result, the retailer warned that profitability for its fiscal third quarter ending April 28 would be well below estimates. Analysts had projected earnings of $1.03 a share; the retailer advised that actual performance might be in the 80-85 cents-a-share range.

The Neiman Marcus Group operates 31 Neiman Marcus stores and the two Bergdorf Goodman stores (a men's and a women's store) across the street from each other in New York. Its performance during the second half of the 1990s made it a poster child for the period's economic boom that resulted in a lot of spending on luxury good items.

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