New York—Apparently, wealthy customers could only hold out for so long before splurging again!
Retail chains posted a 3.7% increase in February comps, with luxury outperforming the overall sector, according to the latest The Wealth Report, put forth by The Luxury Institute, an independent and impartial ratings, research and Luxury consulting institution.
In February, Nordstrom posted a 10.3% same-store sales increase, while Neiman Marcus posted its third straight month of positive comps with a 6.2% jump, and Saks had 2% growth (a small slowdown from its higher December and January gains).
Regarding stocks, the report stated that Saks leads the luxury group with a 325% one-year gain; both Nordstrom and Coach were up 225%, and Tiffany was up 180%. A 70% S&P stock index rally from last year’s low didn’t hurt either. www.LuxuryInstitute.com