Neiman Marcus posts loss

Upscale retailer Neiman Marcus posted a 3rd-Q net loss. as sales continued to suffer in the recession. It reported a net loss of $3.1M, compared to earnings of $55.4M in 2008. Revenue fell to $810.1M from $1.06B last year. In stores open at least a year, the company said revenue fell 20.8% in the quarter. It posted a same-store sales drop of 23.3% in May. Neiman Marcus, which runs both its namesake & Bergdorf Goodman stores, said it will continue selling its clothing & accessories at full price. Its plan, that mirrors rival Saks' efforts to move away from sharply discounting, comes after high-end & lower-priced retailers resorted to heavy markdowns during the holiday sales season to attract consumers. The company has also said it will eliminate or delay some projects to save money. Neiman Marcus, like other upscale retailers including Saks & Nordstrom took a big hit as even shoppers who frequent higher-end stores cut back on spending. Earlier this year, Neiman said it planned to cut 375 jobs, or 3% of its workforce.