Neiman Marcus Reports Net Loss, Revenue Drop
The Dallas company's operating loss during the quarter totaled $29.5 million, compared with operating earnings of $24.4 million last year. The fall was attributed primarily to higher inventory markdowns on a lower sales base and a non-recurring impairment charge of $9.8 million.
The company reported a net loss of $20.6 million during the fiscal 2001 fourth quarter, compared with net income of $10.1 million a year ago.
Fourth-quarter revenue at Neiman Marcus Direct was $86.6 million, compared with $85.7 million in the year-ago period.