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.
More Quotes from Bill Dreher:
Department stores are already focusing on rejecting shipments from vendors that they ordered. They are also looking to promote inventory they already have in hand. As we get through the season, department stores are going to be brutal in throwing merchandise back to vendors.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
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
The tire business did break even on a cash basis but not on a full-loaded cost basis, or the total costs incurred to run that business.
Bill Dreher
The company endorsed consensus analysts' estimates of a 15 percent EPS growth in the new fiscal year,
Bill Dreher
I think high-end retail sales will get a boost from this news.
Bill Dreher
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