We knew today was going to be a disaster. What surprises us was how bad it was was.
More Quotes from Bill Dreher:
Wal-Mart's management is rather conservative, but it sounds upbeat about the future. I'm very confident that if the economy improves, the company could surpass its own guidance for the rest of the year.Bill Dreher
Is all this a solution for the bigger concerns of the American consumers or the local gas station owner No. But it is an example of the company trying to show its heart in the right place.
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
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
There's very little excuse for anyone posting weak sales right now, ... If that is happening, it because of company specific excuses. The macro environment overall is very strong. The first month of the quarter got a stellar start and that usually put a lock on the rest of the quarter. Retailers should post improved earnings going forward.
Bill Dreher
I think high-end retail sales will get a boost from this news.
Bill Dreher
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