INTERVIEW-Neiman Marcus CEO says consumers still cautious

* CEO does not see deep discounts this holiday season

* CEO says consumers are still wary

By Phil Wahba

NEW YORK, Nov 10 (Reuters) - Upscale retailer Neiman Marcus Group Inc [NMRCUS.UL] is not planning to slash prices in the upcoming holiday shopping season, even though consumers still remain cautious about opening their wallets, its chief executive said on Tuesday.

Last year, as the economic and financial crises worsened, consumers tightened their belts and retailers found themselves saddled with an oversupply of unsold merchandise they were forced to discount deeply.

But consumers should not expect the same level of discounts this year, Karen Katz told Reuters in an interview on the sidelines of a summit hosted by trade publication Women's Wear Daily.

"Demand and supply were completely out of whack," last year, Katz said, noting that this year retailers have tightly managed inventories in a bid to maintain higher prices.

"If she wants a desirable item, she's going to have to pay full price (this year)," Katz said, referring to customers.