Neiman-Marcus Takes Half-Billion-Dollar 2Q Loss

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
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