A set of luxury retailers reported earnings today. Tiffany & Co. and Williams-Sonoma both reported strong quarterly sales. Is luxury back?
Here’s a blurb from the Wall Street Journal on Tiffany’s:
In the Americas, sales rose 14% to $523.5 million. U.S. same-store sales rose 11%, including a 22% increase in the New York flagship.
Interestingly, analysts expected an even better result, so its stock is taking a beating today. But this is a pretty nice gain in sales for the company.And for Williams-Sonoma, Reuters reports:
Net sales rose 8.1 percent to $1.09 billion, beating the analysts’ average forecast of $1.07 billion. Sales at stores open at least a year rose 7.6 percent.
– from The Atlantic