Bill Dreher
Bill Dreher
ahead knew obvious rough
We knew Sears was going to have some rough sledding ahead but what's obvious now is that it's going to be a lot rougher than anticipated,
forty holiday percent sales week woods wrapped
We're not out of the woods yet. Forty percent of holiday sales are wrapped up in the week before Christmas.
average believe benefit christmas consumer department exuberance gasoline higher irrational jobs shown stock stores suffer target worried
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.
adding apparel brands continues fits food momentum name operating position sales strong success taking thesis tremendous
Wal-Mart continues to show strong momentum and operating performance. Its food and apparel sales did well, which fits in with our thesis that Wal-Mart is really taking on the supermarkets. By adding new apparel name brands like Levi's, I think it's in a position to see tremendous success in apparel too.
adding apparel brands continues fits food momentum name operating position sales strong success taking thesis tremendous
Wal-Mart continues to show strong momentum and operating performance, ... Its food and apparel sales did well, which fits in with our thesis that Wal-Mart is really taking on the supermarkets. By adding new apparel name brands like Levi's, I think it's in a position to see tremendous success in apparel too.
continue deliver despite environment modest operate profits prove retail sales target weak
Wal-Mart and Target continue to prove that they can operate well in this challenging retail environment and deliver profits despite modest to weak sales results.
comfort concern game greatest high level plan risk
While integration risk is always the greatest concern with mergers, we have a high comfort level that the (Federated) game plan is achievable.
bad disaster knew surprises today
We knew today was going to be a disaster. What surprises us was how bad it was was.
allow believe both growth increase margins move next operating opportunity range seen stock third trading tremendous twice year
Wal-Mart's EPS growth is twice that of the S&P. For the third consecutive year it has seen an increase in operating margins and we believe it still has tremendous growth opportunity over the next 5 to 10 years both domestically and abroad. At the very least, this should allow the stock to come off the low-end of the trading range and move higher.
across badly cautious chain comments half problems profits retail sales though
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.
across badly cautious chain comments half problems profits retail sales though
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.
acting company good help mature maybe move negative open point pressured publicity risk showing today
Wal-Mart is a more mature company today and is showing its willingness to be more open with the press, ... From investors' point of view, this is very good news. All the negative publicity has pressured the stock. Maybe this move will help take away some of that 'headline' risk acting on the stock.
clear holiday prospects stronger wisdom
Wal-Mart has made it very clear that the prospects for this holiday are much stronger than the conventional wisdom would have had it.
affected areas days expect given impossible lose nearly roads sales severity stores
Given the severity of the storm, we expect that stores in the affected areas could lose up to two days of sales as roads were nearly impossible to navigate.