Luxury retailer Neiman Marcus posted a net loss of $509.2 million for the 13 weeks that ended January 31—compared with a profit of $44.3 million in the same period last year—reflecting a holiday season when some of the wealthiest consumers reined in spending.
The results were hurt by a series of one-time charges, including write-downs on trade names, goodwill and other assets. Those charges totaled $560.1 million during the quarter.
The Dallas-based, privately held company reported a 21 percent decline in quarterly revenue to $1.08 billion.
Neiman Marcus joins several luxury retailers that were forced to offer rare slash-and-burn prices on luxury brands in efforts to woo back the well-heeled consumer. Shoes and handbags that would have normally gone for more than $1,000 were reduced dramatically to half price.