There's very little excuse for anyone posting weak sales right now, ... If that is happening, it because of company specific excuses. The macro environment overall is very strong. The first month of the quarter got a stellar start and that usually put a lock on the rest of the quarter. Retailers should post improved earnings going forward.
More Quotes from Bill Dreher:
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.Bill Dreher
There appears to be a pause in consumer spending, especially with the low-to-middle income consumers. The slowing sales also counterbalance positive economic data that show rising income and confidence levels and oil prices coming down. As far as sales go, this is a period where the consumer is taking a break.
Bill Dreher
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.
Bill Dreher
They're telling us to pull our number down by 4 cents (per share).
Bill Dreher
Any retailer who could not surpass expectations last month has to have company-specific problems. September was simply a stellar month.
Bill Dreher
Alternatively, the offer could generate additional interest from outside parties, like private equity companies, thus driving Sears Canada's shares.
Bill Dreher
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It is only too easy to make suggestions and later try to escape the consequences of what we say.
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I have two favorite songs. My first is called 'Dance of The Robe' and it's a very powerful number where she is feeling the pressure from her people to take on the responsibility of leading them.
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