Wal-Mart and Target continue to prove that they can operate well in this challenging retail environment and deliver profits despite modest to weak sales results.
More Quotes from Bill Dreher:
I think high-end retail sales will get a boost from this news.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
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
We believe our competitors have shown irrational exuberance with Christmas forecasts, ... We believe the average consumer is worried about higher gasoline prices, jobs and doesn't believe he will benefit from the stock market. With this climate, if you're just a 'me-too' retailer, you'll be in a world of hurt. The department stores will suffer but the discounters Wal-Mart and Target will do well.
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
I don't think it's a Wal-Mart problem. It's a demographic problem. If you were focused on the moderate-income sector, you were disappointed.
Bill Dreher
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