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 Associated Press analysis of more than 130 bills in 40 state legislatures found of the proposals, as introduced or passed, are identical or very similar to some model legislation, the AP found.
The first book in the Harry Potter series hit shelves in 1997. Since then, it’s become a multibillion dollar franchise with multiple books and movies, a theme park, and now an interactive exhibit in New York City. Cheddar’s own Ashley Mastronardi visited earlier this week before it was open to the public.
Cheddar recommends "Queenmaker: The Making of an It Girl," "Dungeons & Dragons: Honor Among Thieves," "The Mother," "A Man Called Otto," "The Covenant," and "The Great American Recipe."
