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.
More Quotes from Bill Dreher:
In the game of chicken between retailers and consumers, with one looking to improve profit margins and the other holding out for discounts, it would appear that the consumer blinked. The initial read on the fourth quarter is that profits should come in better than anticipated.Bill Dreher
They're trying to create the perception on Wall Street that inventories are in great shape, but how much of that is true sales of merchandise and how much is just accounting
Bill Dreher
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.
Bill Dreher
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.
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
Investors have been skeptical about the health of the U.S. consumer, and will use this to take profits.
Bill Dreher
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