Neiman Marcus same-store sales fall for second straight quarter

U.S. luxury fashion retailer Neiman Marcus Group Ltd LLC reported a second straight quarterly drop in sales at its established stores amid a slowdown in spending on high-end goods.

Sales at stores open more than a year fell 2.4 percent in the quarter ended Jan. 30, compared with a 5.6 percent rise a year earlier.

A volatile stock market has curbed spending on high-end goods, while the strong dollar has hit spending by tourists, reducing sales at Tiffany's Inc and Macy's high-end Bloomingdale's chain, among others.

Unseasonably warm weather also hurt holiday quarter sales at several high-end retailers, including Nordstrom Inc and Ralph Lauren Corp.

Neiman Marcus had filed for an initial public offering in August last year. Reuters reported in October that the IPO had been pushed to 2016 due to volatile stock markets.

The company's net income fell to $7.8 million in the second quarter from $27.8 million a year earlier, hurt by higher depreciation and other expenses.

Revenue fell 2.3 percent to $1.49 billion.