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.
More Quotes from Bill Dreher:
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.Bill Dreher
The same issues which are depressing the consumer confidence numbers are going to depress holiday sales, ... Christmas is going to show up this year as it shows up every year. The question is, how generous are people going to be Are they going to go whole hog and return to the decadent spending levels of three or four years ago No, clearly not. People are going to be buying toys, but how many presents they buy, how wide that circle of gift giving is really is in question.
Bill Dreher
Is all this a solution for the bigger concerns of the American consumers or the local gas station owner No. But it is an example of the company trying to show its heart in the right place.
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
Retailers that are not catering that well to the middle- and upper-income customers are going to have a tough time.
Bill Dreher
There has been real concern for the last several months about hurricanes, about consumer sentiment, about gasoline inflation hurting consumer spending,
Bill Dreher
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