New York—If you’re one for surprises, then you undoubtedly had a blast this week—and, for the most part, pleasantly so.
A tally of the remaining retailers that report monthly sales revealed that October comparable store sales are generally much better than expected—despite the 16-day U.S. government shutdown and a close call on a default. While economists said the gridlock in Washington hurt consumer confidence, retailers responded with more promotions, a trend that’s likely to increase as Christmas nears.
Among those reporting better-than-expected was JCPenney with its first positive comp store sales figure since 2011.
And while everyone knows that Michael Kors has been selling well—especially in handbags and watches—the company amazed Wall Street with its latest quarterly earnings: a 49% jump in profits and sales up nearly 40%. At the brand’s own 352-stores, comparable store sales increased 22.9%, the 30th straight quarter of such increases.
No surprise this week? Confirming longstanding rumors, LVMH said former Balenciaga designer Nicolas Ghesquière will indeed be the new artistic director at the $10-billion-brand Louis Vuitton, one of the most powerful and visible jobs in fashion.
So take a look at 10 things you need to know from this week:
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