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.
Bitcoin has officially entered bear market territory. The cryptocurrency is down 20% from an all-time high of nearly $69,000 dollars, which it hit earlier this month. Experts mark the new potentially vaccine-resistant coronavirus variant as the reason for the dip. Patrick McConlogue, CEO of Overlin, joins Cheddar News to discuss.
Carlo and Baker cover the latest developments with the Omicron variant, and break down what we know and what we still don't. Plus, a relatively tame Black Friday, and more.
U.S. markets were open for an abbreviated session on the day after Thanksgiving, and the day saw a market meltdown. The Dow dropped more than 900 points for its worst day of the year. Matt Orton, Chief Market Strategist at Carillon Tower Advisers, joined Cheddar News' Closing Bell to discuss.
For the first time in the National Dog Show's 20-year-history on NBC, a canine was crowned Best in Show for the second year in a row. Claire, a Scottish deerhound, was the repeat winner, and David Frei, expert analyst and host of the National Dog Show Presented by Purina, joined Cheddar to discuss the historic victory. "It's never happened in the 20 years that we've done this show," he said. "She looks great right now. She's at the top of her game, she's the number three show dog in the country, and has become the top winning Scottish deerhound of all time, breaking her grandmother's record."
Lucien Etori, VP, executive strategy director at R/GA., joined Cheddar News to discuss how retailers are handling supply chain disruptions this shopping season, and how retailers are building better experiences for customers during these ongoing issues.
Amber McMillan, vice president of weight loss and digital fitness at Life Time, joins Cheddar News to discuss how post-pandemic gym visits can improve mental wellness.
From supply chain shortages to high food costs, food banks are scrambling to serve their communities this Thanksgiving. According to Feeding America, while demand from the beginning of the pandemic has gone down, one in eight people in the U.S. may experience food insecurity this year. Anna McGovern, chief supply chain officer with Food Bank for New York City, joins Cheddar News to discuss the impact of inflation and supply chain issues.
The biggest shopping day of the year is approaching - Black Friday - and the following week is known as Cyber Week, the biggest time of the year for online shopping. But for many companies and consumers, the holiday shopping season is already underway. Retailers have been getting creative in their attempts to lure customers amid ongoing supply chain issues, inflation, and the pandemic that could impact sales. Lionesque Group CEO and founder Melissa Gonzalez joins Cheddar News' Closing Bell to discuss.
