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T H U R S D A Y , A U G U S T 2 6 , 2 0 0 4...And The Rich Go Shoppingby Michael in New York on
8/26/2004 01:12:00 PMYes, while the poor and the lower middle class feel their pocket booksshrinking, the rich are shopping away. Sales at high end stores aredoing fine while stores catering to the unwashed (us, don't you know)are slumping.Per the LA Times,"On Wednesday, Williams-Sonoma Inc. reported a better-than-expected 55% jump in its fiscal second-quarter profit, fueled bysales of furniture and other household goods at its Pottery Barnchain.It was the latest sign that retailers marketing to higher-endconsumers are prospering while major discount stores andmainstream apparel chains struggle. In recent weeks, Wal-MartStores Inc. and Gap Inc. have reported soft sales apparently becausea sharp rise in gasoline prices squeezed lower-income Americans...."But Coach Inc., which sells high-fashion handbags and accessories,reported a 113% jump in profit in its latest quarter while jewelerTiffany & Co. reported an 11% increase in U.S. sales. Sales at PotteryBarn stores open at least a year climbed 10.2% in the secondquarter. 'It appears that the higher-end retailers like Pottery Barn,Tiffany and Coach are all doing well,' Claire Gallacher, a retail analystwho noted that Pottery Barn targets consumers with a $75,000annual income level and above. Added Kurt Barnard, head ofBarnard's Retail Consulting Group: 'The upscale consumers can paymore for gas and not blink an eyelash.'"And the poor people? Let them eat cake. Oh, wait. They can't affordcake.
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Show AllPottery Barn®A Fresh Start: Over 250 New SimpleUpdates for Easy Living. Shop Now!www.potterybarn.comJ.Crew - Official SiteFree Shipping on Orders of $175+ UseCode LOVEIT. Shop Today.www.JCrew.comTop 500 E-Retailers GuideRankings, profiles & key details of 500Largest Retail Web Siteswww.internetretailer.com/
AMERICAblog News| A great nation deserves the truth: ...And...http://www.americablog.com/2004/08/and-rich-go-shopping.html
1 of 64/6/09 8:30 PM
8/26/2004 01:12:00 PMYes, while the poor and the lower middle class feel their pocket booksshrinking, the rich are shopping away. Sales at high end stores aredoing fine while stores catering to the unwashed (us, don't you know)are slumping.Per the LA Times,"On Wednesday, Williams-Sonoma Inc. reported a better-than-expected 55% jump in its fiscal second-quarter profit, fueled bysales of furniture and other household goods at its Pottery Barnchain.It was the latest sign that retailers marketing to higher-endconsumers are prospering while major discount stores andmainstream apparel chains struggle. In recent weeks, Wal-MartStores Inc. and Gap Inc. have reported soft sales apparently becausea sharp rise in gasoline prices squeezed lower-income Americans...."But Coach Inc., which sells high-fashion handbags and accessories,reported a 113% jump in profit in its latest quarter while jewelerTiffany & Co. reported an 11% increase in U.S. sales. Sales at PotteryBarn stores open at least a year climbed 10.2% in the secondquarter. 'It appears that the higher-end retailers like Pottery Barn,Tiffany and Coach are all doing well,' Claire Gallacher, a retail analystwho noted that Pottery Barn targets consumers with a $75,000annual income level and above. Added Kurt Barnard, head ofBarnard's Retail Consulting Group: 'The upscale consumers can paymore for gas and not blink an eyelash.'"And the poor people? Let them eat cake. Oh, wait. They can't affordcake.
Designer Furniture SaleUp To 60% Off All Sale & Clearance. Shopat Ballard Designs. Buy Now!www.BallardDesigns.comThe Children's Place SaleSpring Sale At The Children's Place W/ $5Shipping On All Orderswww.ChildrensPlace.comMake Money With Income®Best Place for your Free Money Join andstart earn highest profitwww.IncomesCreate.com
Add New Comment
Logged in as AnonymousUser
Logout from DisqusLogged in asusing Facebook Connect (Logout)Type your comment here.
EschatonMonday Night Thread - I wonder if Peter will dosomething stupid on Heroes tonight.15 minutes agoDaily KosGoons at Cincinnati "tea party" bullied, intimidatedmedia - WKRC-TV, the CBS affiliate in Cincinnati,reports that in March one of their reporters wasforced to leave a so-called "tea party" protest aftera small ...30 minutes agoThink ProgressSenate Should Ignore Nutty Glenn Beck ConspiracyTheories And Appoint Harold Koh - Our guestblogger is Henry Fernandez, a Senior Fellow at theCenter For American Progress Action Fund. AsThinkProgress recently noted, a small number ofc...34 minutes agoHuffPost PoliticsZP Heller: Why Dr. King Would Break the Silenceon Afghanistan - We must invest in our owneconomic recovery and in fixing Afghanistan'shumanitarian crisis.38 minutes agoFiredoglakeOperation Stonewall Stalls Johnsen and Koh -While we wait for the last ballot count in theFranken-Coleman contest, I thought I'd tie inOperation Stonewall to the Republicans' bizarreand seemingly ...40 minutes agoJ O H N ' S P H OT O S
Show AllPottery Barn®A Fresh Start: Over 250 New SimpleUpdates for Easy Living. Shop Now!www.potterybarn.comJ.Crew - Official SiteFree Shipping on Orders of $175+ UseCode LOVEIT. Shop Today.www.JCrew.comTop 500 E-Retailers GuideRankings, profiles & key details of 500Largest Retail Web Siteswww.internetretailer.com/
AMERICAblog News| A great nation deserves the truth: ...And...http://www.americablog.com/2004/08/and-rich-go-shopping.html
1 of 64/6/09 8:30 PM