The news we got today was incrementally negative, even for the best operators out there. And clearly this does not bode well for a strong holiday season.
More Quotes from Bill Dreher:
Discount stores have really become an increasing portion of consumers' expenditures. Now there's talk of fluctuating energy prices, job layoffs, and people are looking for the best value possible, ... So we believe the discount stores are going to benefit disproportionately from the tax rebate. We expect Wal-Mart will be the leader in July.Bill Dreher
Any retailer who could not surpass expectations last month has to have company-specific problems. September was simply a stellar month.
Bill Dreher
The same issues which are depressing the consumer confidence numbers are going to depress holiday sales, ... Christmas is going to show up this year as it shows up every year. The question is, how generous are people going to be Are they going to go whole hog and return to the decadent spending levels of three or four years ago No, clearly not. People are going to be buying toys, but how many presents they buy, how wide that circle of gift giving is really is in question.
Bill Dreher
In the game of chicken between retailers and consumers, with one looking to improve profit margins and the other holding out for discounts, it would appear that the consumer blinked. The initial read on the fourth quarter is that profits should come in better than anticipated.
Bill Dreher
Investors have been skeptical about the health of the U.S. consumer, and will use this to take profits.
Bill Dreher
We're not out of the woods yet. Forty percent of holiday sales are wrapped up in the week before Christmas.
Bill Dreher
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