Bill Dreher
Bill Dreher
believe benefit best discount energy expect increasing job leader looking people portion stores talk tax value
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.
appears blue consumer emphasize instead light low roots skeptical stores wants
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.
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.
advertising amazing best campaign cool discount job marketing pushing shop store target
Target has the best advertising marketing campaign in retailing. They do an amazing job of elevating a discount store to a very cool destination shop and so they are always pushing the envelope.
believe colder february impact likely majority negative retailers sales sets spring store stores weather
We believe this will have a negative impact on February sales for the majority of our retailers as the much colder weather will likely impede store traffic, and sales of spring merchandise sets that are now in stores may be impacted.
brutal department stores throwing
As we get through the season, department stores are going to be brutal in throwing merchandise back to vendors.
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.
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.
acquiring card companies continues cost credit department gross improved improving lowering margin problems retailers seeing stores strong struggle target turnaround
The companies that are seeing strong gross margin improvements are getting it not from improving their merchandising mix, but from improved buying. Retailers like Wal-Mart and Target are lowering their cost of acquiring products. Sears on the other hand, continues to struggle with the turnaround of its department stores and problems with its credit card unit.
admit clearly comparison department direct job quite stores talked
All the department stores we talked to admit quite clearly it's an unprecedented environment, and they have no direct comparison in being able to plan. It makes their job very, very difficult.
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,
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.