Neiman Marcus to cut store hours

New York City Neiman Marcus is cutting its store hours at about half of its 40 nationwide stores as its shoppers hold back on spending.

The company will close select stores an hour earlier on some days starting July 5.

Neiman Marcus Group also announced that it posted a fiscal third-quarter loss on Wednesday as a decline in sales hurt revenue.

The company said it lost $3.1 million in its third quarter ended May 2, compared with a profit of $55.4 million a year earlier.

Sales declined 24% to $810.1 million from $1.06 billion.

Last week, Neiman Marcus said same-store sales fell 23.3%.