Neiman Marcus’ 2nd-Quarter Profit Slips 3.2%

Neiman Marcus Group Inc. said fiscal its second-quarter profit edged down 3.2% to $39.9 million, or 84 cents a share, as expected, because of price cuts taken to spur sales. The upscale retailer also named Burton Tansky, its president and chief operating officer, as chief executive. Neiman said sales in the latest quarter rose 2.6% to $900.8 million. The company had lowered profit forecasts in late November as shoppers held off on buying full-price items. Sales picked up in January, which is mainly a post-holiday clearance month for retailers. Co-Chief Executives Robert Smith and Brian Knez will become vice chairmen when Tansky, 63, takes over May 15. Chestnut Hill, Mass.-based Neiman’s Class A shares fell $1.18 to close at $39 on the NYSE.