Neiman Marcus to Miss Forecast
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Neiman Marcus Group Inc. said fiscal first-quarter earnings will fall short of its previous forecast because of a significant decline in spending at its stores since the terrorist attacks in the U.S. Other high-end retailers also have warned of earnings weakness.
Neiman Marcus said in the three weeks that included and followed Sept. 11, sales at its stores open at least a year declined by an average 25%.
The company said it could not give a new estimate for the quarter that ends this month, citing uncertainty over unfolding economic and political events. It earlier had set profit expectations at 70 cents to 80 cents a share. Analysts on average had forecast 61 cents.
Shares of Dallas-based Neiman Marcus fell 76 cents to $25.80 on the NYSE.
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