They are admitting they have very cloudy visibility on the very critical holiday season. What might be more significant to investors is that even though they had an admittedly superb second quarter, where are we going from here
More Quotes from Bill Dreher:
It was very clear to us that ... this year's annual meeting had a new, more sober tone. In the past, (Wal-Mart management) was willing to accept their shortcomings, though some might say it was closer to false modesty. This year, it was very clear that management realizes they have a lot of work to do and are deep into the transition.Bill Dreher
Given the severity of the storm, we expect that stores in the affected areas could lose up to two days of sales as roads were nearly impossible to navigate.
Bill Dreher
We believe this update is a combination of management's typical conservatism and sales sluggishness from the unusually warm weather,
Bill Dreher
It's clear that Wal-Mart is going to offer very sharp price discounts to drive customer traffic. While fourth-quarter sales will be respectable, the lower prices necessary to drive traffic will filter through to earnings that are below the current consensus estimates.
Bill Dreher
Kohl's is having a major disconnect with its customers. The company's inventory growth is outpacing sales and I think their problems will continue into the fourth quarter and even the first quarter next year.
Bill Dreher
Department stores are already focusing on rejecting shipments from vendors that they ordered. They are also looking to promote inventory they already have in hand. As we get through the season, department stores are going to be brutal in throwing merchandise back to vendors.
Bill Dreher
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