Posted AT 9:38 AM EST on 24/09/08
Neiman Marcus loss more than doubles
NEW YORK — Upscale retailer Neiman Marcus Inc. said Wednesday its quarterly loss more than doubled as consumers scaled back spending due to a weak U.S. economy.
Same-store sales dropped 1.4 per cent in the quarter, indicating that shoppers at privately held Neiman's older stores were not spending as freely as they face higher costs for gasoline and food, and a troubled housing market.
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