What the CEOs of Walmart, Best Buy, Home Depot and others say about the nervous consumer
Good morning. With Fall booming, it seems to be a good time to do intestinal control over the state of the American consumer. I have traveled financial results reported in the past two weeks by a variety of large retailers and I found a mixed bag. Although there are pockets of optimism, it is clear that consumers are worried. The big joker entering the fall will be the full impact of prices, which should feel strongly in the second half. Indeed, Best Buy had a solid second quarter, but did not increase his annual orientations when he calls results at the end of August due to pricing uncertainty. Many companies precipitated their purchases in the spring before prices take into force, but that can only protect them for so long. Here is what some eminent CEOs see.
Michael Bender, Kohl interim CEO: “Consumers continue to put pressure and are choosing with their purchases … Lower customers at an average income continue to prioritize value and are negotiated in lower opening price products.”
Vessels Todd, CEO of Dollar General: “By looking for value, we note that in all customers cohorts, which means our main customer, mid-term and high-end customers, all.”
Ted Decker, CEO of Home Depot: “Reason 1 to postpone the big project is general economic uncertainty.”
Corie Barry, CEO of Best Buy: “We have seen both the extent and depth of the promotions higher than those of last year and we assume that this will continue. Customers have continued to be resilients but focused on the current environment, in the current environment, customers continue to be reflected in large ticket purchases and are ready to spend on high prices products when they need it or when there is a technological innovation. ”
Doug McMillon, CEO of Walmart: “While we reconstruct the inventory at post-variety price levels, we have continued to see our costs increase each week, which, we will expect, will continue in the third and fourth quarters.”
Robert Ball, financial director of Abercrombie & Fitch: “Our client does not come to us for the price. We are not necessarily going to hunt traffic and conversion by the price … We have seen 1.0 prices. We saw the pandemic. We have seen inflation, cotton tips, freight rates peaks, you call it, and these are just a few of high results. ” & Fitch, Dollar General, Dick’s Sporting Goods and Costco to name just a few. But one thing is certain: when consumers become nervous, CEOs should also be nervous.Phil Wahba
Contact the CEO every day via Diane Brady in Diane.brady@fortune.com
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The CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.
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