Alas, Not Even Sarah Palin Could Keep Neimans From Losing Money
Neiman Marcus this morning posted its October revenues report -- and the Dallas-based luxury retailer's income for the month dropped decreased 27.6 percent, from $383 million in October '07 to $281 million in '08. In its filing with the Securities and Exchange Commission, Burt Tansky, Neimans' chairman and CEO, said this was expected -- and that he expects sales to be on the decline for the time being. "As we have said, we expect retail demand will remain weak for an extended period of time as our affluent customer reacts to the continuing volatility of the financial markets. However, based on our experience in previous business cycles, we believe our customers’ buying levels will increase once the economic environment stabilizes." Alas, if only there were more Wasilla hillbillies looting Neiman Marcus from coast to coast. --Robert Wilonsky
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss Observer's biggest stories.