Tiffany & Co. (TIF), Coach Inc. (COH) and Polo Ralph Lauren Corp. (RL) jumped after retail sales climbed to a record during the Thanksgiving weekend, the start of a holiday selling season in which luxury stores are forecast to fare best.
Tiffany, the world’s second-largest luxury jeweler, climbed 5.9 percent to $73.62 at the close in New York, the biggest gain in almost two months. Coach, the largest U.S. luxury-leather goods maker, advanced 6.7 percent to $62.13, and Polo climbed 4.7 percent to $145.34.
Thanksgiving weekend retail sales climbed 16 percent to $52.4 billion as 226 million shoppers hit stores and the Web, the National Retail Federation said yesterday. Sales at luxury stores open at least a year will climb 7.5 percent in November and December, faster than the 6.7 percent increase a year earlier, according to the International Council of Shopping Centers. Other retail segments will see slower or unchanged sales growth, the New York-based trade group said last month.
Tiffany, Coach and Polo, the maker of Ralph Lauren and Club Monaco clothing, are based in New York.
To contact the reporter on this story: Cotten Timberlake in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Robin Ajello at email@example.com