This holiday season seemed to be in favor of the luxury retail brands. Tapestry and Michael Kors reported better-than-expected earnings last week. Melissa Armo, Owner of The Stock Swoosh and Melissa Gonzalez, CEO & Founder of The Lionesque Group, join The Long and The Short to discuss trends in the luxury market.
Tapestry credits the boost in sales to its Coach brand. Sales rose 2% to $1.23 billion last quarter. In order to get Coach back on track Tapestry cut flash sales and discounts, bringing it back to its luxury roots. Many believe it should do the same thing for its struggle division of Kate Spade. Kate Spade's global same-store sales fell 7% last quarter.
Plus, Michael Kors is making a comeback. Sales rose over 6% last quarter after trimming back promotions and expanding its footwear collection. However, Armo still isn't impressed with the company. She's disappointed the stock dropped so heavily right after earnings and is still concerned about its ability to get people into the store.
Many children have already started returning to school around the country. Trae Bodge, smart shopping expert, joined Cheddar News to provide tips on when and where you can find the best deals to save some money for you and your family.
One of the most iconic outings in New York is located in Coney Island. Cheddar News spoke with Alessandro Zamperla, president and CEO of Central Amusement International, about the ins and outs of Luna Park, where thousands visit daily for its rides, food and entertainment.
