Bill Dreher
Bill Dreher
chains department discount line mostly results sales
The sales results from the department and discount chains were mostly in line with expectations.
considered far financial impact item limited
It would be considered a non-operating item and really will have a very limited financial impact as far as analysts are concerned,
create great perception sales street true trying wall
They're trying to create the perception on Wall Street that inventories are in great shape, but how much of that is true sales of merchandise and how much is just accounting?
cents number pull telling
They're telling us to pull our number down by 4 cents (per share).
last month september simply stellar surpass
Any retailer who could not surpass expectations last month has to have company-specific problems. September was simply a stellar month.
core far upside
As far as core operations, there wasn't much of an upside there.
deal despite gasoline guidance higher period raise share
Despite higher gasoline prices, Wal-Mart was able to raise guidance for the second-quarter which is particularly noteworthy because that's also the period that they will have to deal with the lion's share of the gas impact.
brutal department focusing inventory looking promote rejecting shipments stores throwing
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.
accept annual clear closer deep false management meeting might sober though willing work
It was very clear to us that ... this year's annual meeting had a new, more sober tone. In the past, (Wal-Mart management) was willing to accept their shortcomings, though some might say it was closer to false modesty. This year, it was very clear that management realizes they have a lot of work to do and are deep into the transition.
appears form holiday season
The shopper appears to be in mid-season form with the holiday season just having started.
concerned economy investors stock weaker
The stock is manipulated by perceptions of the future, and investors are very concerned right now that the economy is weaker than we thought. Wal-Mart is doing a superb job. On other the hand, the stock is vulnerable.
believe button cause closer dealing declines earlier increase inventory panic percent possible push retailers sales
On its own, a comp-store inventory increase of 2-to-5 percent is no big deal. But when you've got comp-store sales declines of closer to 10 percent, you're dealing with a possible 10-point spread, which we believe is going to cause retailers to push the promotional panic button earlier than they would have.
brutal department stores throwing
As we get through the season, department stores are going to be brutal in throwing merchandise back to vendors.
ballpark far sales shows
It shows they're in the ballpark as far as sales go.