Department store owner Neiman-Marcus Inc. posted a fiscal second-quarter loss Wednesday on a series of hefty write-downs totaling more than half a billion dollars.
The privately held Dallas-based company said it lost $509.3 million for the quarter ended Jan. 31. That's compared with a profit of $44.3 million in the same quarter last year. Quarterly revenue fell 21 percent to $1.08 billion from $1.37 billion.
The results were hurt by several one-time charges, including write-downs on trade names, goodwill and other assets. Those charges totaled $560.1 million during the quarter.
Adjusting for those items and for other expenses, the company said it earned $24.6 million, compared with $187.3 million last year.
Copyright AP - Associated Press
