Consumers were not in the holiday spirit up until the last week of the holiday season, when there was a mad rush for the store, ... And the big unknown is the result of that game of chicken, where shoppers waited until the last minute to get the best bargains and retailers held off.
More Quotes from Bill Dreher:
Clearly the last 10 days before Christmas were very strong and allowed retailers to achieve their sales plans for the month despite the lack of aggressive promotions we saw in 2002.Bill Dreher
It's clear that Wal-Mart is going to offer very sharp price discounts to drive customer traffic. While fourth-quarter sales will be respectable, the lower prices necessary to drive traffic will filter through to earnings that are below the current consensus estimates.
Bill Dreher
They are admitting they have very cloudy visibility on the very critical holiday season. What might be more significant to investors is that even though they had an admittedly superb second quarter, where are we going from here
Bill Dreher
We knew today was going to be a disaster. What surprises us was how bad it was was.
Bill Dreher
He (Lacy) was dealing with a deceitful department head who sounds like he was hiding some bad news, ... Our feeling is Alan Lacy is being very forthcoming and straightforward with the problems, and is tackling them very aggressively. But we're not convinced that's going to be enough to immediately restore investor confidence in shares.
Bill Dreher
Historically, Wal-Mart has only been concerned about the consumer. But 12 years ago, Wal-Mart began to woo the investor and sponsored fieldtrips to their headquarters. These were tremendously successful,
Bill Dreher
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