Dallas—With its fiscal third-quarter sales coming up short of plan, apparel and gifts cataloger/retailer Neiman Marcus said on May 21 that it plans to eliminate 190 full-time positions. According to the Associated Press, Neiman Marcus Group will earn $0.81 a share, based on analysts polled by Thomson Financial/First Call. Neiman Marcus earned $0.94 a share for the third quarter of last year.
The job cuts will affect all three Neiman Marcus units–its NM Direct catalog unit in addition to its Neiman Marcus and Bergdorf Goodman retail chains. About half of the job cuts will be from vacant positions; 70 layoffs will come from Neiman’s Dallas headquarters. In addition to the flagship catalog, NM Direct produces the Horchow and Chef’s Catalog titles.