This is a favorable development for Saks and a big improvement to its balance sheet, which shows a lot of debt leverage,
More Quotes from Richard Hastings:
Consumers are benefiting from a combination of tax stimulus, new products, good apparel fashions and compelling prices.Richard Hastings
Wal-Mart's much slower rate of sales growth in November clearly shows this is a matured global business, ... As supermarket goods continue to increase as a percentage of sales -- and this includes consumables and perishables sold in big volume at Sam's Club -- we will expect to see a persistently slower rate of top line growth.
Richard Hastings
But higher costs were enough to hit operating income in the quarter, which grew only 7 percent, compared to a 7.4 growth rate for the comparable nine months. Despite these issues, the quarter held up very well and the holiday quarter should hold up nicely,
Richard Hastings
We're at an extremely dangerous situation where home heating bills could be shockingly high this winter, ... This is very bad news especially in the northeast part of the country, where the population represents a pretty big chunk of national retail sales.
Richard Hastings
I think it's kind of funny they're changing roles, but I'm also getting the impression that, over the past two years, there seems to be a trend to moving top management around so they get more well-rounded experience. I think that's a good move and maybe a part of the company's succession plan.
Richard Hastings
If spending on durable goods slows down, it could also weaken sales of consumer electronics, especially on big ticket items that have a higher profit margin but are interest rate sensitive.
Richard Hastings
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