Neiman Marcus 1Q Earnings Dip

Dallas Neiman Marcus reported a lower quarterly profit Wednesday, blaming a cutback of spending among its affluent shoppers.

The retailer’s net profit for the quarter, which ended Nov. 1, was $12.9 million, a sharp drop compared to $78.6 million for the same time frame a year earlier. Similarly, sales for the quarter slipped to $986 million, from $1.13 billion last year.

These results impacted same-store sales for the quarter, which experienced a 14.5% decline for the quarter.

Neiman Marcus operates approximately 40 stores across the United States, as well as two Bergdorf Goodman stores in New York City, and 24 Last Call clearance centers. The company’s direct-to-consumer business conducts both print catalog and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brands.