Upscale retailer Neiman Marcus Inc (NMRCUS.UL) reported sharply lower quarterly profit as worried consumers continued to avoid luxury items amid a slowdown the company expects will last for some time.
Sales at its namesake Neiman Marcus and Bergdorf Goodman stores open for at least a year, or same-store sales, continued to fall, dropping 14.9 percent during the quarter. Overall comparable sales, including its direct marketing segment, declined 13.7 percent.
Neiman Marcus, in a regulatory filing on Wednesday, cited "a challenging economic and retail environment" that it said would likely persist for an "extended period of time."
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