Second-Quarter Slump for NM Direct

Luxury marketer Neiman Marcus Direct’s sales fell 13% sales, to $208.8 million, for the second quarter ended Jan. 31. The division consists of the print catalog and online operations for Neiman Marcus and Horchow, as well as the Bergdorf Goodman Website.

The quarter was worse for Neiman Marcus as a whole. Total second-quarter sales for dropped 23%, to $1.08 billion. And it lost $509.3 million in the second quarter on a series write-downs.

CEO Burton Tansky said in a March 11 conference call with analysts that the Dallas-based retailer is canceling orders, returning goods to vendors and cutting expenses. Tansky also said the company is working with its top brands to lower some prices.

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