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.
Ahead of the release of October's consumer inflation data Tuesday, you may notice changes from the Bureau of Labor Statistics. When it comes to how it estimates health insurance costs, the move is expected to give a boost to the U.S. inflation measure which will reverse a trend that has provided some relief.
A handful of retailers will report earnings this week, including Home Depot, Target, Walmart and Macy's, as gas prices peaked in September to the end of this latest quarter while borrowing costs remain at their highest levels in decades.
