This is not a very pretty picture. The higher gasoline prices had more of an impact that most had expected.
More Quotes from Delos Smith:
The current average price of 1.90 a gallon is still about 40 cents higher than the level a year ago. So the effect of higher prices will be felt for some time.Delos Smith
Besides the political issues, retailers interested in India have to understand the cultural differences and sensitivities. Ultimately India's still a very complicated world for Western companies to understand.
Delos Smith
If you exclude the Middle East, consumer spending will be solid in 2003 the fundamentals are solid. But the Middle East does change the picture. When you start moving troops to the Middle East, that's scary. People react to that, and businesses do, too.
Delos Smith
Consumers had a nice July and August. Unfortunately, they're on their own for the fourth quarter, which starts on Wednesday. Going into 2004, spending is going to be based on wage and salary growth, which needs a boost.
Delos Smith
It's the biggest market we have, because people don't live in empty houses.
Delos Smith
Does that have economic implications To me, the answer is yes. In a sense, we have to wait for recovery until this group wants to sleep with each other again.
Delos Smith
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