CNNMoney reports that catering to the one percent has its perks. In looking at the recent performance of these luxury retail stocks, Tiffany & Co., Nordstrom and Michael Kors are all doing exceptional well, driven by affluent consumers’ desire for high-end brands. Here’s CNNMoney with more:
“They’re serving a more affluent customer and they’re selling brands that customers want,” said Dorothy Lackner, an analyst at Topeka Capital Markets. Shares of Tiffany spiked 8% Wednesday to an all-time high after the company reported a 50% jump in earnings for the first quarter. The jeweler also raised its profit outlook for the rest of the year. – read more at CNNMoney
