Norwegian Cruise Line rang the opening bell at the New York Stock Exchange in celebration of the fifth anniversary of its IPO. Frank Del Rio, President & CEO of Norwegian Cruise Line, was with us to share which milestones stand out to him the most.
Del Rio highlights the consistent growth in the company. One milestone that he is most proud of is Norwegian’s acquisition of Prestige Holdings, which he founded. Revenue for the company jumped 11% since last year and doubled since the IPO. He says Norwegian is a story of organic growth and he sees it continuing.
China has been a tough market to crack for many U.S. companies, but not for Norwegian. Del Rio says the company found success by thinking about what the Chinse consumer wants. He says they love to shop for luxury brands, so the company built the ship with 60% more retail space. Additionally, Norwegian capitalized on gaming by putting 3 casinos on board. On top of that, he says Chinese consumers aren't big sunbathers, so the company deemphasized the pool deck.
Some small grocery stores and neighborhood convenience stores are eager for the U.S. government shutdown to end and for their customers to start receiving federal food aid again. Late last month, the Trump administration froze funding for the SNAP benefits that about 42 million Americans use to buy groceries. The U.S. Department of Agriculture says about 74% of the assistance was spent last year at superstores like Walmart and supermarkets like Kroger. Around 14% went to smaller stores that are more accessible to SNAP beneficiaries. A former director of the United Nations World Food Program says SNAP is not only a social safety net for families but a local economic engine that supports neighborhood businesses.
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