Bill Dreher
Bill Dreher
admit clearly comparison department direct job quite stores talked
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.
mixed separation winners
It was a mixed bag, ... What we got again, as we did in December, is this separation of winners and losers.
accept annual clear closer deep false management meeting might sober though willing work
It was very clear to us that ... this year's annual meeting had a new, more sober tone. In the past, (Wal-Mart management) was willing to accept their shortcomings, though some might say it was closer to false modesty. This year, it was very clear that management realizes they have a lot of work to do and are deep into the transition.
accepted building economy gradually
It's pretty well accepted that the economy is gradually building momentum, and Kmart has declared bankruptcy,
advertising amazing best campaign cool discount job marketing pushing shop store target
Target has the best advertising marketing campaign in retailing. They do an amazing job of elevating a discount store to a very cool destination shop and so they are always pushing the envelope.
affected areas days expect given impossible lose nearly roads sales severity stores
Given the severity of the storm, we expect that stores in the affected areas could lose up to two days of sales as roads were nearly impossible to navigate.
bankruptcy equation limiting missing situation surprised typical
I really would be surprised if they filed. The part of the equation that is missing in a typical bankruptcy situation is that vendors are not clamping down on them. Vendors are not limiting the distribution of merchandise.
comfort concern game greatest high level plan risk
While integration risk is always the greatest concern with mergers, we have a high comfort level that the (Federated) game plan is achievable.
concern consumer gasoline hurting inflation last months several
There has been real concern for the last several months about hurricanes, about consumer sentiment, about gasoline inflation hurting consumer spending,
appears coming confidence consumer data economic far income levels oil pause period positive prices rising sales slowing taking
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.
appears blue consumer emphasize instead light low roots skeptical stores wants
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.
average believe benefit christmas consumer department exuberance gasoline higher irrational jobs shown stock stores suffer target worried
We believe our competitors have shown irrational exuberance with Christmas forecasts, ... We believe the average consumer is worried about higher gasoline prices, jobs and doesn't believe he will benefit from the stock market. With this climate, if you're just a 'me-too' retailer, you'll be in a world of hurt. The department stores will suffer but the discounters Wal-Mart and Target will do well.
forty holiday percent sales week woods wrapped
We're not out of the woods yet. Forty percent of holiday sales are wrapped up in the week before Christmas.
ahead knew obvious rough
We knew Sears was going to have some rough sledding ahead but what's obvious now is that it's going to be a lot rougher than anticipated,