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.
An intense police search of the Long Island home of Rex Heuermann is now complete, authorities said Tuesday as they ended a 12-day hunt for evidence that involved ripping up the yard and the discovery of a basement vault containing hundreds of weapons kept by the man accused of killing at least three women more than a decade ago.
A towering construction crane caught fire high above the west side of Manhattan on Wednesday morning, then lost its long arm, which smashed against a nearby building, dangled and then plummeted to the street as people ran for their lives on the sidewalk below.
