Last quote by Terry Lundgren
Terry Lundgren quotes
Consumers' been spending. They've just been buying automobiles and buying home improvement. We've had record sales of cars. They don't need another car. They don't need to fix their home anymore. ... It's my turn. It's our turn.
I think Wal-Mart's trying to figure out how to avoid getting caught in this idea of just low price.
Whenever there's been a setback in our company, we've been first in the industry to take a very aggressive stance at moving us forward. That's just part of it. By closing 100 stores… we're getting out in front of this.
I have been honored to lead this enterprise through a period of unprecedented reinvention. While our company is larger, stronger and more resourceful than we were 13 years ago, now is the time to reset our business model to thrive in a future that is being driven by rapid evolution in consumer preferences and shopping habits. Our company must and will change in response to the profound secular forces that are driving consumer spending.
We are seeing continued weakness in consumer spending levels for apparel and related categories. In particular, our sales trend relative to expectations meaningfully slowed beginning in mid-March, and first quarter results are below our original outlook.
Sales trend improved in January as the weather turned colder in northern climate zones and Macy's and Bloomingdale's were well-stocked in coats, boots, sweaters, gloves, hats and other seasonal goods.
We've seen that in good times and bad the last thing parents cut back on is a holiday present for their kids. So even in the depths of the recession in 2008-2009 our sales grew during the holiday period, and so we feel that toy sales are somewhat independent of the economic situation in the US.