We have always been skeptical of their reverting back to their blue light roots in the stores and on the Web, ... Instead of emphasizing every-day low prices, it appears to emphasize one-time grab-bag bargains, which is not what the consumer wants right now.
More Quotes from 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
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
He (Lacy) was dealing with a deceitful department head who sounds like he was hiding some bad news, ... Our feeling is Alan Lacy is being very forthcoming and straightforward with the problems, and is tackling them very aggressively. But we're not convinced that's going to be enough to immediately restore investor confidence in shares.
Bill Dreher
The announcement by Neiman Marcus...makes us as concerned as we have ever been that this Christmas will be extremely lackluster, ... It appears now the high-end consumer is beginning to scale back their purchases, which does not bode well for the holiday season. This type of thing is clearly going to have an impact on other high-end retailers.
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
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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Never bet on baseball.
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But we will say something else. That for far too long in this country, people who can work, people who are able to work, and people who choose not to work: you cannot go on claiming welfare like you are now.
David Cameron