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.
The National Retail Federation reports Americans are expected to spend $20.1 billion on Father’s Day gifts this year. Yes, funny cards are still accepted.
Simpson’s gridiron legacy was forever overshadowed by the 1994 knife slayings of Nicole Brown Simpson and her friend Ronald Goldman. A criminal court jury found him not guilty of murder, but a separate civil trial jury found him liable.
Hollywood closed out an up and down 2023 with “Wonka” regaining No. 1 at the box office, strong sales for “The Color Purple” and an overall $9 billion in ticket sales that improved on 2022’s grosses but fell about $2 billion shy of pre-pandemic norms.
