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Another Exec says "Where are all the customers? And where's their money?"
Seems that even sales at Walmart have crashed. Does this mean that the economy is so good now, that customers don't need to shop at Walmart anymore?
Walmart stock down 3%.
Or maybe, just maybe this might be an indicator that things aren't so rosy?
"...an economy hampered by restrictive tax rates will never produce enough jobs or enough profits" JFK
MeMBeR SiNcE 9/11/2011
MaY GOD BLesS ThE U.S.C. TROJAN'S, AnD AMeRiCA,---FoR ALLL ETeRNiTY!!!
As much as you'd like to see a bad economy, it seems that sales did well in January. Your desire to blame Obama for a bad economy will need to be put on hold.
Of course, if the Republicans successfully ram sequestration down our throats, then you likely will have a bad economy to be happy about.
Great! but you can't keep your self in business selling off your clearance rack (holiday ornaments are a great item to stock year round?). Short term bump. As the article says, they anticipate sales to be down now that the "blue light special" sales are over.
Remember, your Messiah himself said there would be "no easy exit" from sequestration.
This post was edited by Morethanafan 14 months ago
My messiah? Does that make Romney your Messiah (actually the second coming in your beliefs)?
The quote apparently is true. He knows Republicans. Compare that to what Boehner and Rand said. They both said that it was a great deal and that they got 98% of what they wanted when the law for sequestration was passed. Obama never claimed that he wanted it. It was rammed down our throat by Republicans holding the economy hostage. This was better than the Republicas shooting their hostage.
Interestingly enough, morethan conveniently skips the keynote element of why sales are "up" (clearance, steep discount rakes) and nitpicks your "messiah" word usage.
Sneaky but not unexpected.
we blame bush for everything, in obamas 5th year, it sucks and he cant be blamed for a thing....
how dark is it up obama's backside?
I know I know!
Standard operating procedure. Couple that with his subpar reading skills and we get what we get.
But he's probably not a bad guy in person. Outside of the fact he nests just outside of Barry's sphincter, he can come up with some good stuff. Thank God we all have a sense of humor.
I would say that the vast majority of people on this board are good guys to share a beer with.
Except me. I'm a prick.
i strive for prick status, but for now i'm stuck with just bein an asshole.
Olive Garden and Red Lobster restaurants are also expected to close with lower sales figures than expected.
Maybe folks are waiting on their tax returns to start the spending trend.
That can't be! Wall Street is breaking records. Real Estate is busting at the seams. The Walmart and Darden numbers must be an anomaly. We all know that the recovery is now in full swing.
I have to admit to being a sucker for Red Lobster. I love those freakin' biscuits and Lobsterfest is always quality.
Trashy, I know, but what can you do?
Join the fight for YOUR liberty!
From the below article:
"Otis said the first half of the fiscal third quarter was "encouraging," but higher payroll taxes and rising gas prices, along with severe winter weather, sent sales sliding in February.
Darden isn't the only company saying the higher payroll tax has cut into its business. On Thursday Wal-Mart Stores (WMT) said higher taxes, along with rising gas prices and delayed income tax refunds, were also crimping spending by its customers.
On Jan. 1, Social Security payroll taxes rose 2 percentage points after a temporary tax cut expired. That sliced about $1,000 from the annual take-home pay of a household earning $50,000."
Company says higher payroll tax has cut into its business
Not the only ones to come:
Forecast store closings: 200 to 250
Sears Holding Corp.
Forecast store closings: Kmart 175 to 225, Sears 100 to 125
Forecast store closings: 300 to 350
Forecast store closings: 125 to 150
Barnes & Noble
Forecast store closings: 190 to 240, per company comments
Forecast store closings: 500 to 600
Forecast store closings: 150 to 175
Forecast store closings: 450 to 550
Perilous times indeed.
From Yahoo! Finance: For many retailers, the situation is so bad that it's not a question of whether they will cut stores, but when and how many.
Darden is not an anomaly. It shot itself in the foot when it publicly anouned that it was screwing its employees. There was a public backlash and it is paying the price. Both Walmart and Darden (lower end providers) were hurt by the SS taxes going back to the normal level.
Retail stores are getting killed by online stores. As a Best Buy executive said, shoppers use the retail stores as showrooms to see what they want to buy cheaper online. Stop online shopping and all of these stores do better.
The Payroll tax holiday was supposed to be exactly that -- we could not afford to continue to cut payroll taxes and expect SS to stay solvent.
Personally, I am in favor or removing SS contribution limits and raising the retirement age -- but I know that there is no political will to do either by the GOP or the Dems. One side wants to cut taxes and the other side panders to the elderly -- a bad combination to address the issues facing SS.
Damn! That's a shitload of jobs right there.
Morethan is right, though. Brick and mortar retail sales get killed by low-overhead online retailers. If all you need is a warehouse (sometimes not even that) and a few data entry monkeys to run your operations, that will beat a store that is paying rent and sales people every time.
The concept of "death by showroom" isn't exactly new but it has been kicking into high gear more and more in the past few years.
But the main point remains what you said about "a shitload of jobs" being shed. Sadly, I do see this as one of the many structural economic flaws that are going to stifle recovery for years to come.
One way that brick and mortar combats that is to have an Internet division for sales themselves.
And an FYI to those watching. You don't have to be the lowest on the internet to be doing good sales.
took Best Buy YEARS to figure this out. I remember that as late as 2 years ago, BB website was not run by Best Buy, they only licensed their name to another retailer.
And those are chain stores.
On saturday I stopped by an account of mine that had closed in San Clemente. I was supposed to stop by last month to pick up my display (worth about $600) before they closed. I got hung up last month and couldn't get by. So I was hoping they left it in the vacant store and I could contact the property management to get it out.
They closed because they were approaching retirement. But did it a little early because of the economic climate. They had been in business 29 years. When I went by this store. I noticed that the businesses that had been on the right and the left were both now closed too.
The same day I was meeting with an account in Ramona and they let me know they were closing end of April.
This Obama recovery isn't just hurting chains but also small operators all over.
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