Neiman Marcus announces 13.7% comparable store sales decline

Upscale department store chain Neiman Marcus has announced that comparable store sales declined 13.7% for the first quarter of the financial year.

Total revenues declined 11.9% to $868.9m (£533.6m). Operating earnings for the quarter were $74.8m (£45.9m) compared with $81.6m (£50.1m) for same period last year. Net income totalled $8.5m (£5.2m).