FINANCE

Neiman Marcus 1Q Earnings Dip

BY CSA STAFF

Dallas Neiman Marcus reported a lower quarterly profit Wednesday, blaming a cutback of spending among its affluent shoppers.

The retailer’s net profit for the quarter, which ended Nov. 1, was $12.9 million, a sharp drop compared to $78.6 million for the same time frame a year earlier. Similarly, sales for the quarter slipped to $986 million, from $1.13 billion last year.

These results impacted same-store sales for the quarter, which experienced a 14.5% decline for the quarter.

Neiman Marcus operates approximately 40 stores across the United States, as well as two Bergdorf Goodman stores in New York City, and 24 Last Call clearance centers. The company’s direct-to-consumer business conducts both print catalog and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brands.

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Morse named to HSN board

BY CSA STAFF

ST. PETERSBURG, Fla. HSN has named John Morse, Jr. to its board of directors.

Morse is currently senior vp of finance and cfo of The Washington Post Company where he has served in this role since November 1989.

 

In commenting on the appointment, Arthur Martinez, chairman of the board of HSNi, stated, “We are extremely pleased that Jay will join our Board to leverage his more than 35 years of media and management expertise. Jay’s high standards and excellent judgment will be invaluable as we continue to guide the strategic direction of the company.”

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Moenig resigns as DivX cto

BY CSA STAFF

SAN DIEGO DivX has announced that Markus Moenig, senior vp and chief technology officer, has resigned effective Dec. 1.

“Since DivX acquired MainConcept in November 2007, Markus has played a key role in the successful integration of MainConcept as a subsidiary of DivX,” said Kevin Hell, ceo of DivX. “One product of this effort is the future release of DivX 7, which will feature MainConcept’s award-winning H.264 solution. With the integration of these technologies complete, we thank Markus for his efforts and wish him well with his future plans.”

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