Wal-Mart's cautious comments are warranted, ... Even though its problems are not company-specific, it does bode badly for the profits and sales across the retail chain in the back half of the year.
More Quotes from 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
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.
Bill Dreher
We believe this will have a negative impact on February sales for the majority of our retailers as the much colder weather will likely impede store traffic, and sales of spring merchandise sets that are now in stores may be impacted.
Bill Dreher
Historically, Wal-Mart has only been concerned about the consumer. But 12 years ago, Wal-Mart began to woo the investor and sponsored fieldtrips to their headquarters. These were tremendously successful,
Bill Dreher
Retailers that are not catering that well to the middle- and upper-income customers are going to have a tough time.
Bill Dreher
Clearly the last 10 days before Christmas were very strong and allowed retailers to achieve their sales plans for the month despite the lack of aggressive promotions we saw in 2002.
Bill Dreher
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