Neiman Marcus extends loss into Q1

Neiman Marcus Group doubled its loss in its first quarter amid sliding sales.



The luxury department store retailer posted a net loss of $23.5 million in its first quarter, ended Oct. 29, compared to a loss of $10.5 million in the year-ago period.



Sales fell 7.4% to $1.08 billion, from $1.16 billion last year.



Same-store sales fell 8%. It was the fifth straight quarter of decline.



Neiman Marcus attributed its downward slide to a combination of store closures and unfavorable foreign currency exchange rates. (For commentary on Neiman Marcus, click here.)