Cartier sales show high end in excellent shape around globe. Up 10%+ everywhere bar Middle East. US +27%(!) +900bp on Q1 & Asia +21% led by China but even Europe strong. Middle East inflected positive despite war. $CFRUY $LVMUY $HESAY $EL $PPRUY $BURBY $LRLCY $RL $TPR $ZGN

Richemont makes mincemeat of luxury doomsayers yet again, with sales accelerating 700bp to +20%, fastest since Q1 2023. Cartier et al stellar +24%, as jewelry still in sweet-spot. But strength across channels, watches & fashion = sectorwide improvement 🔥 💪 $CFRUY $LVMUY $HESAY $EL $PPRUY $TPR $RL

$WFC especially upbeat on consumer citing consistently improving quality & like $JPM steady trends by income. Again down to steady jobs & wage gains. Commercial also healthy but much more cautious about investing but not retrenching. $BAC $XLF $XLY $XLI

Here $JPM echoes $BAC & again repeats prior view that data does not support K-shape economy given strength across board. Acknowledges long run of strength makes folks nervy but like peers says labor market needs to crack for trends to change. $WFC $AXP $XLF $XLY $XRT

Moynihan at $BAC cites acceleration in spend & credits low unemployment, AI & easing(!) energy costs. And very constructive on economy, continuing to see strong credit quality with fears over potential black swan events being overblown. $JPM $WFC $AXP $XLY $XLF $V $MA $XRT

$WFC with same message as $BAC & $JPM on US consumer: strong spend & lower credit costs. Bank stocks have had strong run into results, but message on consumer is consistent: improving spend AND credit quality, despite all the concern out there. 🔥🔥 $XLF $XLY $XRT

Like $JPM, $BAC consumer card spend holds strong at +7%. But highlight is remarkable improvement in credit quality both QoQ and vs LY, with no blowout in card loans. Gas spend up but discretionary spend (esp entertainment & travel) strong. 💪 $XLF $XLY $AXP $V $MA

No sign of cracks in US consumer. After strong Q1 update, $JPM card spend accelerated to +10%, best since Q3 2022. Credit quality also MUCH better with delinquencies lowest in 3 years. Dimon acknowledges strength calling risks 'manageable'. 🔥 $AXP $BAC $WFC $XLF $XLY $V $MA

Pointer to much stronger travel demand: each major line accelerated from Q1, especially premium & loyalty. Amex revenue +16%, 600bp faster vs Q1 . Unit revenue +12.4% vs 8% in Q1, while cost/mile marginal 100bp higher vs Q1. $DAL $UAL $AXP $XLY $XLF $V $CCL $MA $ABNB

Delta firing on all cylinders with broadening consumer & corporate strength. Main cabin accelerated 500bp to 10%+ but premium also accelerated & still faster +17%. Corporate still strong. Amex +16% in sign of robust spend 🔥🔥 $DAL $UAL $AXP $MAR $ABNB $XLY $XLF $V $MA

Here $LEVI adds colour to that consumer strength. Across regions, across sexes and across channels. Two thirds of growth came from volume. And strength across all price points, not just top end of range. $WMT $TGT $XLF $XLY $AMZN

Levis points to remarkable consumer resilience, not just in US but globally despite so much gloom about consumer health & fears about pressure on real wages. Europe solid & particularly Asia strong. 💪 $LEVI $XLY $XLF $WMT $TGT $AMZN $IDEXF

Another sign of normalisation in Middle East. After occupancy devastation during war, Hilton feels confident enough to start promoting regional hotels again. Even if it needs to come with greater inducements through discounts and flexibility. $HLT $MAR $ABNB $AXP $XLY $XLF

Bit of travel & arrive at Carnival but 💪. Record yields, strong onboard spend, & strength into 2027 including Europe, leading to highest $CCL forward visibility ever; customer deposits +5% despite flat capacity. $RCL $DAL $UAL $XLY $XLF $AXP $V $MA $MAR $ABNB

Redbook retail sales growth hit new 1-year & 3-year highs of +10%, continuing a significant pick-up since April. Quibble with their methodology if you wish but consistent. Still no sign of US consumer flagging 🔥 $XLY $XRT $XLF $WMT $AMZN $WSM $TJX $ROST $TGT $ULTA $V $MA $AXP

Kroger says food inflation fell sequentially, even if $KR expects it to accelerate. Pointer that looking at gas prices alone doesn't tell whole story. Also why combined with solid labor market, US consumers are so resilient. $XLF $XLY $WMT $COST $AMZN $TJX $WSM $DKS $BBY

Kroger cites SNAP, gas etc for 1% comp but then admits has let price gaps grow. On cue, @FT article citing all market growth sapped up by $WMT $COST $AMZN & Aldi. Structural challenges grocers faced in 2000s are back - struggle to grow margin & sales at same time. $ACI $XLP

Another very strong US retail sales report, confirming Redbook & what we've heard from most companies. +5.6% ex autos/gas, led by discretionary areas including electronics, DIY & apparel. And online at +12% is booming. 🔥 $XLF $XLY $AMZN $WMT $URBN $IDEXF $HD $LOW $BBY $M

Picking selective timeframes to cite peer outperformance & even then underperforming them yuge adjusted for massive new space isn't a great look but par for the course at $RH. But even Friedman can't be Trump-y enough to diss West Elm given its strength. $WSM

Innovation & failure go hand in hand but note Friedman bombast on Contemporary launch in 2022 & what he says now. Applies equally to hospitality, England or even Europe. No wonder he doesn't want to talk about anything other than next gamechanger. 🤷‍♂️ $RH $WSM $ARHS $ETD

RH Estates is Friedman's latest game changer that will 'redefine' industry & $RH. He now says Modern was incremental but 'very small'. But back in 2015 he told us Modern was a multi-billion dollar idea that could be as big as all of RH... $WSM 🙄

As usual, more jam tomorrow from Friedman at $RH. H2 hockey stick, now from new space, backlog & latest 'new' idea RH Estates. Not a squeak about underlying trends, those beautiful gamechanging European stores even hospitality. And folks fall for it (almost) every time. 🤷‍♂️ $WSM

When it reported in May, many saw $WMT as signalling consumer pullback. Here it echoes pretty much everyone else on US strength. Even talk of low-end softness is self-serving: Walmart likes to stress share gains with higher income shoppers. $JPM $V $AXP $BAC $XLY $XLF $ROST $DKS

Here $COF also says real world much better va miserable UMich etc largely on healthy labor market. Also watchful of oil/inflation. But credit quality improving & believes it is broader than just one-off tax refund boost (which skews to higher end) $JPM $AXP $V $MA $XLY $XLF $BAC

Like clockwork, $JPM says spend, cash buffers, demand, quality all strong but it is ‘watchful’. Points to potential labor market/real wage easing & one-off tax refunds but admits nothing yet showing up in business trends. $WFC $BAC $AXP $XLF $XLY $V $MA

Banks have been doing rounds regularly but $AXP again confirms strength across board with excellent credit quality & no sign of negative inflection. Q2 trending better than Q1, itself strongest in 3 years led by discretionary areas. $XLF $XLY $V $MA $TPR $RL $WSM

Hermes in Lisbon on a Monday afternoon. Allure of luxury hasn’t gone anywhere despite regular media/commentator drumbeat. $HESAY $CFRUY $LVMUY

$COST had another robust month, with US comp ex gas +8.7%, with traffic robust 3.7% and ticket up a strong 5% as both fresh foods & discretionary non-food grew high single digit. Another robust update on US consumer. #CostcoIsACult $WMT $AMZN $XLY $XLY

Advantage of Zara proximity sourcing model on full display. Sales +6% but inventory only +1%. Despite cost headwinds, full-price selling drove margin up. Payables growing faster = unusually in apparel retail $IDEXF drives huge free cash flow from negative working capital

Not just US resilience: 65%+ of Zara sales from Europe, region $ANF etc describing as challenged. Yet sales accelerated 200bp to +8.8% in Q1 & accelerated further in May. Despite huge scale, $IDEXF incredibly nimble & brands desirable. $XLY $XLF $URBN $GPS $M