I don't think it's a Wal-Mart problem. It's a demographic problem. If you were focused on the moderate-income sector, you were disappointed.
More Quotes from Bill Dreher:
I think there's a lot of confusion about the state of the consumer. We had weak numbers in January. February sales were pushed down by horrible weather, and now March could be weak because of the Easter shift. It's difficult to see how things are going to turn out.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
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.
Bill Dreher
Wal-Mart's cautious comments are warranted, ... Even though its problems are not company-specific, it does bode badly for the profits and sales across the retail chain in the back half of the year.
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
Wal-Mart and Target continue to prove that they can operate well in this challenging retail environment and deliver profits despite modest to weak sales results.
Bill Dreher
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