Luxury department store reports decline in sales and profit

The combination of a cool spring and the continued pullback in luxury apparel spending took a toll on Neiman Marcus Group in the company’s third quarter.



The department store retailer’s profit plunged 80% in the period ended April 30, down to $3.8 million from $19.8 million in the year-ago period.



Total revenue for the quarter fell 4.2% to $1.17 billion, down from $1.22 billion a year ago.



Same-stores sales fell 5%.



In October, Neiman Marcus delayed its plans for an initial public offering amid volatility in the stock market and a slump in stocks of luxury companies.