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One Company Finally Admits: It Wasn't The "Harsh Weather" After All

Tyler Durden's picture




 

Yesterday we heard from the CEO of the world's biggest company that the exuberant jobs data did not reflect any economic reality Wal-Mart was seeing. Overnight, William Arthur Tindell, CEO of The Container Store, further destroyed the myth of a 'recovery' stalled by 'weather' and threw the rest of his 'retailer' brethren under the bu:"We thought our sluggish sales were all because of weather and calendar shift...but now we've come to realize it's more than that, consistent with so many of our fellow retailers, we're experiencing a retail funk."

Container Store CEO William Arthur Tindell

"We thought our sluggish sales were all because of weather and calendar shifts in the fourth quarter. Going into this first quarter, we had whatever bug we had, weather and calendar shifts for Christmas that began last November and continued into the spring, but now we've come to realize it's more than just weather, consistent with so many of our fellow retailers, we're experiencing a retail funk, I mean, so many retailers that we talk to are experiencing that."

and from the Q&A

"We're certainly doing everything we think we should and can do to try to both improve traffic and average ticket. But in this sort of more tepid environment that we're in, we really felt as though the appropriate thing to do was to really lower that guidance for the next two quarters particularly in light of the fact that these -- some of these great initiatives we're talking about don't really have much of an impact to the shorter term. So, that was really sort of what drove our thinking, it's just -- we didn't want to unrealistically expect that trends would dramatically turn quickly."

and in his summary

"Our highest-end customer seems to be a little bit infrequently shopping us for some darn reason and so does the – I mean we have a very uneven economic recovery still. So for a long time it was the lower-end retailers we're suffering and the higher end, we're doing better and we were doing better. Now, it seems to be more democratic. It seems to be kind of across the board."

*  *  *

Simply put, if 'weather' had been to blame - as has been scapegoated by everyone - then there would/should be a massive buying surge in Q2 (which is absolutely not what firms like Wal-Mart and The Container Store are seeing)

*  *  *

Does that sound like the kind of recovery that is producing "great" jobs? Does that sound like the kind of economy that can withstand a tightening Fed? With the Fed cornered into having to step back (or totally break the repo market 'glue') we suspect the engineered collapse that the BIS has 'asked for' is closer than many think (and the Fed all too happy to step back in 'after' to save the world again).

Source: TCS Transcript courtesy of Bloomberg

 

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Wed, 07/09/2014 - 09:37 | 4939157 ShrNfr
ShrNfr's picture

Well, I guess we have been really funked by the Fed yet again.

Wed, 07/09/2014 - 09:39 | 4939163 lordylord
lordylord's picture

Deleted

Wed, 07/09/2014 - 09:43 | 4939185 Tabarnaque
Tabarnaque's picture

It's time to load up more corporate loans and buy back more shares so that EPS can go up to the moon and beyond! BTFATH again and again and again!

Wed, 07/09/2014 - 09:49 | 4939208 GetZeeGold
GetZeeGold's picture

 

 

I'll take Obamacare and 29.5 hr/wk jobs for a thousand Alex.

 

No....I'm not kidding.

Wed, 07/09/2014 - 09:51 | 4939221 Shocker
Shocker's picture

Exactly.. Its summer and nice out, what will be the excuse this time.

Job Situation: http://www.dailyjobcuts.com

-

Wed, 07/09/2014 - 09:54 | 4939228 SoilMyselfRotten
SoilMyselfRotten's picture

No invitation to the National Retailers of America lollapaloosa for this man

Wed, 07/09/2014 - 10:54 | 4939478 SilverIsKing
SilverIsKing's picture

Funk him

Wed, 07/09/2014 - 09:57 | 4939234 negative rates
negative rates's picture

When will those CEO's relize that there are a thousand ways to be wrong, and who is at the helm when these wrong doings are occurring.

Wed, 07/09/2014 - 09:59 | 4939250 GetZeeGold
GetZeeGold's picture

 

 

Drudge shock poll.....impeach. Not a shock to those living in flyover country.

 

IMPEACH OBAMA?

YES  72.88%  (220,350 votes)  

  NO  12.78%  (38,653 votes)  

  NOT NOW  14.34%  (43,363 votes)  

 

 
Total Votes: 302,366

Wed, 07/09/2014 - 10:03 | 4939263 Dr. Engali
Dr. Engali's picture

Really? That's a shock? People have had enough of this asshole.

Wed, 07/09/2014 - 10:30 | 4939389 Spastica Rex
Spastica Rex's picture

Impeachment Drive - the 6 year crescendo of all (contemporary) American presidents.

But yeah, I want him impeached too. Just like the last one. And the one before that. And the next one.

Wed, 07/09/2014 - 10:34 | 4939400 Dr. Engali
Dr. Engali's picture

Personally, I want all of washington impeached. The whole damn cesspool needs cleaned out.

Wed, 07/09/2014 - 10:44 | 4939444 Tall Tom
Tall Tom's picture

Yeah...Impeach. We need a President Biden.

 

Nobody thinks about them damned unintended consequences...

 

As if that Chief Queer in the Gay House, with his lover Michael, has anything to do with the fucked up economic predicament...

 

He is a God Damned Sock Puppet who takes his orders from the oligarchy.

Wed, 07/09/2014 - 10:52 | 4939460 Dr. Engali
Dr. Engali's picture

At least we can laugh at Biden. Zero isn't even the least bit funny. BTW whay are you so worried if Biden answers to the same people? Your reasoning not to impeach has to be some of the lamest that I have heard. On one hand you say Zero is just a sock puppet and on the other hand you suggest Biden can do damage that Zero can not. Stop being an apologist.

Wed, 07/09/2014 - 10:57 | 4939488 Tall Tom
Tall Tom's picture

No I am not being a fuckin' apologist. It really does not matter who the fuck is in there.

 

The STATE needs to be removed and the Nation dissolved. The oligarchy needs to be overthrown.

 

That is at the root of the problem.

 

Impeach??? For what? Entertainment???

 

Meet the new "boss". Same as the old "boss".

Wed, 07/09/2014 - 11:03 | 4939522 Abi Normal
Abi Normal's picture

The weather is here, I wish you were beautiful!

The lies are so thick these days, no one knows what is going on.  I think we are closer to economic ruin than most people think!

 

All Hail the Oligarchy ---- impeach them all!!!!

Wed, 07/09/2014 - 10:55 | 4939483 stormsailor
stormsailor's picture

impeached? wtf does that even mean. senate would never remove him, and that narcissistic asshole would never resign from office.

 

we need to start chopping pieces of these delusional sociopaths off.

Wed, 07/09/2014 - 11:02 | 4939524 Dr. Engali
Dr. Engali's picture

There will never be an impeachment. 1) there isn't enough votes and 2) can you imagine the minority uprising if they even tried impeaching the first black president?. Nope it's not going to happen.

Wed, 07/09/2014 - 11:09 | 4939541 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

Assholes have a use- Obama doesn't qualify..

Wed, 07/09/2014 - 10:06 | 4939281 Eyeroller
Eyeroller's picture

Internet polls have nothing to do with reality (even though I agree with the sentiments).

(Does anyone remember "Dewey Defeats Truman"?  No that wasn't an internet poll, but it was based on a biased sample.)

If Rassmussen or Gallup produces a poll with these percentages, then that is the time to take notice.

Wed, 07/09/2014 - 10:10 | 4939286 GetZeeGold
GetZeeGold's picture

 

 

Yeah.....nothing to worry about I'm sure. I only pay attention to federally funded polls.

Wed, 07/09/2014 - 10:12 | 4939306 Eyeroller
Eyeroller's picture

And I only pay attention to polls based on unbiased samples.

 

Wed, 07/09/2014 - 10:18 | 4939326 GetZeeGold
GetZeeGold's picture

 

 

What happened 11 weeks 1 day ago? Cause so far I've noticed three of you today.

Wed, 07/09/2014 - 10:52 | 4939458 Tall Tom
Tall Tom's picture

He is just another fag that supports Obama and is trying his brand of MOP here...

 

He needs to go back to HuffPo, fuckin' troll.

 

Get rid of the fuckers in Washington D.C....ALL OF THEM. Then nuke Wall Street.

 

(The trolls will disappear.)

Wed, 07/09/2014 - 11:46 | 4939680 Squid Viscous
Squid Viscous's picture

LOL at Matt Drudge, zionist whore

Wed, 07/09/2014 - 13:42 | 4940228 buyingsterling
buyingsterling's picture

Drudge regularly posts stories about Israeli abuses and attacks. Along wtih a lot the corporate media ignores. If your worldview is so hard that you have no room for people like Drudge who are friends to conservatives and free markets, I would like to invite you to piss off: Please piss off, wanker.

Wed, 07/09/2014 - 09:39 | 4939166 wisefool
wisefool's picture

Spelling?

Wed, 07/09/2014 - 10:13 | 4939310 Jumbotron
Jumbotron's picture

Uh Oh.....he stated the truth.

Watch for his obituary.  Death by nail gun.

Wed, 07/09/2014 - 10:15 | 4939315 Jumbotron
Wed, 07/09/2014 - 10:18 | 4939331 Jumbotron
Wed, 07/09/2014 - 10:36 | 4939409 tempo
tempo's picture

Tapering has not reduced liquidity as higher withholding taxes has reduced Treasury funding needs. Tapering just reflect funding needs. Take 1 full time job and add 2 or 3 part time minimum wage jobs and you have job growth, Obama beaming in the headlines, and stocks ATH. It will continue and TX will be blue in 5 years. Supreme court will the 5/4 liberal/progressive and the US will be like France.

Wed, 07/09/2014 - 10:37 | 4939417 Da Yooper
Da Yooper's picture

"we're experiencing a retail funk."

 

LMAO no kidding sherlock


The GDP are not like the US Government

 

THEY cant SPEND money $$$$$ they dont have

 

SOOOOO untill they have REAL jobs you are FUCKED on you bottom line

Wed, 07/09/2014 - 09:39 | 4939164 stormsailor
stormsailor's picture

the funk rushed out, and knocked me to my knees

Wed, 07/09/2014 - 10:56 | 4939481 Zadok
Zadok's picture

The Walmart in my area (east of Houston, TX) has had the A/C turned up to about 79F and two thirds of the lights are off for at least 6 months now. I despise the place and rarely go there so my timeframe may be off.

The effect is a hot, smelly, dim, and claustrophobic eyeball burning 'shopping' experience...

Trying to cut expenses in very obvious places. It must have been the knee deep snow all winter here in East Texas...do I really have to sarc tag this!?

Wed, 07/09/2014 - 09:41 | 4939172 Sudden Debt
Sudden Debt's picture

and what do they sell?

raincoats and umbrella's?

yeah...

maybe bad weather wasn't the real cause of their miss in sales...

 

Wed, 07/09/2014 - 10:03 | 4939267 disabledvet
disabledvet's picture

Containers. "Rain, sleet or snow...always need a steel box to put your shit in."

Long burning things.

Wed, 07/09/2014 - 09:41 | 4939177 Dr. Engali
Dr. Engali's picture

My first reaction was that it fucking amazes me that they are just now realizing what we knew all along, but the truth is they now realize that they can no longer hide the lie.

Wed, 07/09/2014 - 09:43 | 4939184 Sudden Debt
Sudden Debt's picture

yes... the media will be allover this one for sure...

 

Wed, 07/09/2014 - 10:00 | 4939255 Dr. Engali
Dr. Engali's picture

The media doesn't need to be all over it. The iPeople know that the world isn't as sunny as the media tells them.

Wed, 07/09/2014 - 10:06 | 4939280 disabledvet
disabledvet's picture

SOUNDS LIKE A STORMS A BREWIN'!

Wed, 07/09/2014 - 10:49 | 4939456 Sudden Debt
Sudden Debt's picture

I'll post a video of my cat on youtube and title it "cute cat"

and we'll see how many people will read your stuff...

Wed, 07/09/2014 - 10:59 | 4939509 Zadok
Zadok's picture

How about 'Kardishan Cat', that really ought to garner the views...

Wed, 07/09/2014 - 09:51 | 4939209 Tabarnaque
Tabarnaque's picture

That's right. We've reach the point where they can't hide the truth anymore. When using a more realistic GDP deflator you find that the economy contracted by more than 5% in the first quarter. By any standard, the economy is in a free fall.

 

http://www.paulcraigroberts.org/2014/07/08/deteriorating-economic-outlook/

 

Wed, 07/09/2014 - 10:01 | 4939259 Surging Chaos
Surging Chaos's picture

Exactly. Although for this quarter I think they're going to pull out all the stops to make sure this quarter is positive GDP of some kind.

Last quarter was negative GDP... another quarter of negative GDP and we're "technically" back in recession. And we all know how they want to avoid that dreaded "R" word...

Wed, 07/09/2014 - 10:05 | 4939276 Dr. Engali
Dr. Engali's picture

The fact is that we are in a depression and we have been since 2000. It's all been masked over by layers of debt and .gov handouts.

Wed, 07/09/2014 - 11:24 | 4939520 Zadok
Zadok's picture

I'm staring at a Triple D (DDD) sized depression myself.

Go ahead, read that any way you want. You know you were going to anyway.

Wed, 07/09/2014 - 11:55 | 4939730 stormsailor
stormsailor's picture

i think we are more in a nice teardrop shaped perky c sized depression, but the longer it goes on the bigger and saggier they get.

Wed, 07/09/2014 - 14:55 | 4940530 Zadok
Zadok's picture

Well played, after all the QE inflation over the past 5 years my depression is more like QQQ's with an extremely perky, if rather fake, balloon shape.

Wed, 07/09/2014 - 11:09 | 4939545 Tall Tom
Tall Tom's picture

Well I will argue that the 2000 slump was like that of the Depression in 1921.

 

Then the Crash of 2008 is like the Crash of 1929.

 

Right now we are following the 1937 Game Plan.

 

The difference between the Crash of 1929-1932 and now is that the Banks were allowed to fail.

 

We are fucking doomed to Hyperinflation because during this time we created Trillions in Dollars in a vain attempt to prop up those fuckin' failed Banks.

 

The difference between Recessions and Depressions is that Financial Institutions fail during Depressions. The last mini Depression that we had was during the Savings and Loan Collapse in the late 1980's. One could argue that it began then. (I will not...but one can make a case.)

Wed, 07/09/2014 - 09:42 | 4939180 dontgoforit
dontgoforit's picture

Don't need it; don't buy it.  Ammo, gold, food stores.  More guns.  Prepare for the worst, hope for the best.

Wed, 07/09/2014 - 10:13 | 4939303 813kml
813kml's picture

The Container Store needs to start stocking body bags.

Wed, 07/09/2014 - 10:54 | 4939447 Dr. Engali
Dr. Engali's picture

I think you're on to something there. Maybe we should raise some capital and get a jump on the upcoming purging. We could call our business You Bag-em and We Tag-em your one stop shop for bringing out your dead.

Wed, 07/09/2014 - 09:42 | 4939182 irie1029
irie1029's picture

These comments were discussed on an AM show and the hosts poopooed the coments by declaring the store was in a niche.... BS.  Look around assholes what do you see?  Folk anint buying shit but necessities.  

Wed, 07/09/2014 - 09:44 | 4939186 dontgoforit
dontgoforit's picture

The real unemployment numbers are showing themselves in real time.

Wed, 07/09/2014 - 10:04 | 4939270 MountainsRoam
MountainsRoam's picture

I guess Walmart CEO saying retail was fucked is getting ignored also?? I would be panicing if I was invested big on these comments..

Wed, 07/09/2014 - 09:43 | 4939183 Marley
Marley's picture

That's OK.  War is breaking out in Isreal and Anarcho-Capitalists should make money on other's misfortune.

Wed, 07/09/2014 - 11:17 | 4939559 Tall Tom
Tall Tom's picture

Anarcho-capitalists are diametrically opposed to war. WE do not Financially support it as Financial support IS SUPPORT.

 

There is a NON AGGRESSION Principle.

 

WE place principals above that of profit.

 

So go fuck yourself and autofellate since you are so damned spinelees so that you can.

Wed, 07/09/2014 - 11:26 | 4939598 NotApplicable
NotApplicable's picture

Funny how people can take concepts and pervert them into something else.

Because of Ignorance? Apathy? Malice?

Or some combination of all?

Of course, I never get as many blank stares from people as when I ask them what the ONLY synonym for "Peace" is in political terms. Especially once I answer "Anarchy."

The idea of self-rule is non-existent to them, even though they practice it constantly in their daily affairs with others.

Wed, 07/09/2014 - 15:41 | 4940720 Marley
Marley's picture

Awww, poor little anarcho-terroist got his little fellings hurts.  Mommy will helicopter in soon so don't worry.

Wed, 07/09/2014 - 09:44 | 4939187 JenkinsLane
JenkinsLane's picture

As briefly as I can put it, over the last 40+ years manufacturing has been destroyed in America.

It was manufacturing that generated the wealth of America, and, as that went, so too did American

wealth. It really is that simple. The solution to this problem, to the extent there even is one,

and in reality there probably is not, is most definitely not to be found in monetary

policy.

 

 

Wed, 07/09/2014 - 10:14 | 4939311 disabledvet
disabledvet's picture

When gold was money "that car better be as good as gold."

Wed, 07/09/2014 - 10:38 | 4939402 Everybodys All ...
Everybodys All American's picture

This is so true and it generally can be found that nearly every free trade agreement the US has made in the last 40 years has hurt or killed off manufacturing. Couple that with an onerous EPA and you have manufacturing at historic lows. Will it ever come back? Not unless people change their priorities.

Nearly every other line of business whether it be tied to retail, housing, or technology would be so much better off with a robust manufacturing sector and yet it appears the US government does everything but address the fundamental problem you so correctly outlined.

Wed, 07/09/2014 - 11:33 | 4939627 Kprime
Kprime's picture

We don't want "consumers" distracted from their consuming by insignificant, time wasting, things like producing, manufacturing, growing.

we need them frothing at the mouth, in line, at 3am, rain or shine, waiting to storm the shelves.

Wed, 07/09/2014 - 10:59 | 4939511 NotApplicable
NotApplicable's picture

Ummm... I would say that the the destruction of the manufacturing base is wholly an effect of monetary policy. Especially since it's been 40 years since Nixon closed the gold window, ushering in the age of printing like there's no tomorrow.

Of course, thanks to the printing, there isn't, as tomorrow's demand was pulled forward to yesterday.

Financialization of ALL sectors of the economy is absolutely the crux of the problem here, as corps destroy their own markets playing paper games. The shift offshore is but a symptom of this underlying problem, as it is what has kept the game afloat this long.

Wed, 07/09/2014 - 16:18 | 4940831 Tulpa
Tulpa's picture

This trope about the decline of US manufacturing really needs to be retired.  For example, US manufacturing output in 2009 was triple what it was in 1975.  Manufacturing jobs have been decimated, but that's mostly due to robotics and increased worker productivity.

Wed, 07/09/2014 - 09:44 | 4939192 JDFX
JDFX's picture

It's the time of the Free Range Consumers. They're more weary of their consumption, so the human farmers should adjust accordingly. 

 

 

 

Wed, 07/09/2014 - 09:46 | 4939196 p00k1e
p00k1e's picture

Stuff is cheap. 

Looky here @ Macy's:

 

American Rag Detroit Fleece Shirt (Sweatshirt)

Orig. $39.50
Was $9.99
Now $6.99

 


Wed, 07/09/2014 - 09:50 | 4939213 GetZeeGold
GetZeeGold's picture

 

 

When you don't have a job....everything is expensive.

Wed, 07/09/2014 - 10:05 | 4939271 p00k1e
p00k1e's picture

Can’t you write a prospectus, snag a suit from goodwill and present to potential investors? 

How far are you from Detroit?  I’ve got a great idea for a Chicken and Waffle joint.  

Wed, 07/09/2014 - 10:14 | 4939307 GetZeeGold
GetZeeGold's picture

 

 

Do you realize how regulated chickens and waffles are?

 

Try giving that crap away for free to the homeless.....you'll be arrested on sight.

Wed, 07/09/2014 - 10:32 | 4939393 Cruel Aid
Cruel Aid's picture

Yea, your garden is too big... turn around and put your hands behind your back

Wed, 07/09/2014 - 11:29 | 4939590 Kprime
Kprime's picture

Your garden is too big,  bamm, bamm, bamm.  Uh yeah, dispatch, we took care of  the tax evading, libertarian, terrorist gardener.

No Food For You,

Food Nazis, compliments of your local (police) military force.

 

Wed, 07/09/2014 - 09:47 | 4939197 buzzsaw99
buzzsaw99's picture

please. that company, like so many others, was a fraud ipo from the beginning. don't worry about tindell, he got plenty.

Wed, 07/09/2014 - 10:48 | 4939454 dontgoforit
dontgoforit's picture

Yeah, I thought the concept, the business model, for this company was wacked out when I first heard of it.  But you never know.  Look at Starbucks.  $5 for a cup of coffee when McDonald's has a better cup for a buck.  You never know.

Wed, 07/09/2014 - 12:23 | 4939861 25or6to4
25or6to4's picture

And I can make a even better cup of coffe myself for pennies on the dollar. Minus the fluorinated water of course

Wed, 07/09/2014 - 16:23 | 4940845 Tulpa
Tulpa's picture

Fluorine and fluoride have as much in common as oxygen and rust.  Amazing how many conspiracy theories you can perpetuate by misspelling by one letter.

 

Wed, 07/09/2014 - 09:47 | 4939204 oklaboy
oklaboy's picture

well now, evn the higher end are in the funk now, guess this is really "democratic". how apprapoe. Democratic, jeeezsus.

Wed, 07/09/2014 - 10:10 | 4939294 Eyeroller
Eyeroller's picture

Yeah, and he only became concerned once the higher end stopped buying.

Wed, 07/09/2014 - 09:48 | 4939205 astoriajoe
astoriajoe's picture

and container store certainly isn't at the dollar store price point.

Maybe they should put a few Ferraris and Porsches in the windows to boost foot traffic.

Wed, 07/09/2014 - 09:48 | 4939207 hairball48
hairball48's picture

Since I left my high(er) paying job back East 12 years ago so as to have a life rather than a living... and I'm now part of the bottom feeder class...I can tell you that it's no surprise to me that retailers are doing poorly. NObody has any money to spend. And as the middle class folks "real" incomes are eroded, retail sales will further decline.

Riots are coming to America. Make no mistake.

 

hairball

Wed, 07/09/2014 - 09:59 | 4939248 yogibear
yogibear's picture

"And as the middle class folks "real" incomes are eroded, retail sales will further decline.

Riots are coming to America. Make no mistake."

Riots come only when EBTs don't buy enough because food inflation is so high.

The oligarchy are well aware of empty stomachs lead to riots. Inflation from the US  Fed's printing caused Egypt to riot. 

The riot crowds just need to hit the people with the excesses like the Hamptons.

 

Wed, 07/09/2014 - 09:49 | 4939212 replaceme
replaceme's picture

There is a whole crop of people out there that will never believe this is not a recovery. That kind of crazy scares me.

Wed, 07/09/2014 - 11:04 | 4939528 NotApplicable
NotApplicable's picture

These would be the very same HuffPosers that parrot the line of "record cash on corporate balance sheets" but have no clue that it's all from selling debt rather than from their primary business operations (which are disintegrating). Never mind the fact that they owe far more than their cash on hand and future revenue can support.

Capital consumption at its finest.

Wed, 07/09/2014 - 09:55 | 4939218 Chuck Knoblauch
Chuck Knoblauch's picture

Maybe the Queen can conjure up another Hurricane Sandy just before election day?

Too bad the weather cannot create economic growth.

It wont stop the Communists from playing with their new toy.

Wed, 07/09/2014 - 09:52 | 4939222 firstdivision
firstdivision's picture
  • So....you're just now discovering that rising daily costs combined with stagnate wages, leaves people with less discretionary. Are CEO's really this daft?
Wed, 07/09/2014 - 10:21 | 4939354 yogibear
yogibear's picture

"Are CEO's really this daft?"

Yes, it's called greed. They want everything.

Most are sociopaths.

Wed, 07/09/2014 - 10:35 | 4939401 headhunt
headhunt's picture

They are just a part of the fascist meme.

Keep lying for the government and receive your special exemptions.

Wed, 07/09/2014 - 09:52 | 4939226 replaceme
replaceme's picture

I went to Walmart last nite to return something, and it was fairly shocking... I think I could have driven golf balls down the main aisles for an hour and not hit anyone.  All nite and not hit anyone that looked like they weren't going to pay w/ SNAP.  and dang, even empty, it's still a 3rd world country.

Wed, 07/09/2014 - 09:59 | 4939246 oklaboy
oklaboy's picture

it is the 8th, so all the ebt/snap/assist/ue are blown out. be there the nite of the 31st, and see the stampede.

Wed, 07/09/2014 - 10:12 | 4939301 dobermangang
dobermangang's picture

I went to Walmart's yesterday.  The place was empty too.  They have a clearance sale on Wrangler Khaki's.  Normally selling for $19.97, now selling for $13.00.  Markdowns taken at store.   A pretty good deal.  The pants have a decent review rating too.  I bought several pairs.

Wed, 07/09/2014 - 11:58 | 4939736 Jlasoon
Jlasoon's picture

I remember working at Wal-Mart years ago. My first job as a kid. I once asked my supervisor if items ever went on sale. He told me no, Wal-Mart only has Rollbacks. He looked at me funny and told me that Wal-Mart doesn't need sales to sell the product.

Well lo and behold I walk into a Wal-Mart a few weeks ago and there it was, clearance merchandise everywhere, in front of the cash registers, aisles dedicated to clearance items, and the salon now replaced with clearance items. It's a fucking disgrace, Wal-Mart has become too expensive for the masses. 

You reap what you sow people. 

Wed, 07/09/2014 - 10:42 | 4939438 RobD
RobD's picture

Only time I go to Walmart is early morning before I get to work so it is always empty but what I have noticed recently is the shelves are not being restocked. I was looking for a charging cord for my phone and the phone accessory shelves were empty. The food section looked well stocked along with the cloths but everything other isle had empty sections.

Wed, 07/09/2014 - 09:57 | 4939235 j0nx
j0nx's picture

Most people, those who still have jobs, haven't had a raise in 6 years while food and fuel are up 50-100% in the same timeframe. Not to mention healthcare costs and higher ed scam costs. But then I'm sure that has nothing to do with anything. If it aint got anything to do with some of the things that have already been mentioned then we aint buying it. We are also not going to support this influx of illegals that are on the way to cities and town all over the country. I told my wife already that I will not be a party to supporting that when/if it hits in earnest in my area.

Wed, 07/09/2014 - 10:02 | 4939260 Eyeroller
Eyeroller's picture

Same salary, yet food/gas/clothing/rent/insurance costs go up.

That's just all 'noise' to the Ponzi Munchkin.

When will this crazy train derail?

 

Wed, 07/09/2014 - 11:09 | 4939544 NotApplicable
NotApplicable's picture

The only raises I've gotten in the last 7 years are two COLA increases that covered the increase in health insurance. The last two years, I've had to either switch to cheaper (higher deductible/HSA) insurance or take a pay cut.

Wed, 07/09/2014 - 09:57 | 4939238 MountainsRoam
MountainsRoam's picture

Good day to buy FB and all the other high p/e stocks I guess?? Why would anyone be dumb enough to even participate in these "markets" anymore, including me haha

Wed, 07/09/2014 - 09:57 | 4939239 Herdee
Herdee's picture

Funny because I'm looking at Puchasing Power Parity,GDP numbers and The Baltic Dry Index.I don't see the improvement in the economy anywhere in those charts?What am I missing?It must be rich Chinese Communists coming to America to buy up everything cheap after the banks wrecked the economy for working folks.Jump start the economy by allowing Chinese Communists to buy up all the real estate first?

Wed, 07/09/2014 - 09:58 | 4939242 Eyeroller
Eyeroller's picture

If the next GDP is negative then that officially puts us into recession, with two consecutive negative quarters.

So, the article yesterday about the fed getting ready to have a controlled crash makes even more sense -- they just need to find a scapegoat/catalyst so they can say "It was all because of XXXX, and had nothing to do with the fed.  In fact, we need to step back in and fix everything."

Imagine Ole Yellin's tears when hurricane Arthur didn't hit US shores.

 

Wed, 07/09/2014 - 10:32 | 4939375 Dr. Engali
Dr. Engali's picture

"If the next GDP is negative then that officially puts us into recession, with two consecutive negative quarters."

 

 

Damn it! Will you stop advancing their lie by saying that? We are, and have been since 2000, in a fucking depression. and if you look at real wages we have been in a decline since the early 70s.

Wed, 07/09/2014 - 11:27 | 4939600 Tall Tom
Tall Tom's picture

The Financial Institutions did not fail in 2000. We had the NASDAQ Meltdown because of a Dot Com Bust. (Of course Greenspan helped that along by five consecutive Interest Rate Hikes..And then Yellen makes that fuckin' ludicrous statement that it is not the Fed's job to deflate Bubbles???)

 

But the Banks did not fail in 2000. That is the difference between a RECESSION and a DEPRESSION.

 

You can have Recessions in a Depression. That is what the 1937-1938 slump was. We are set to have a redux of the event.

 

We have been in decline since we left the Gold Standard. What in the hell should you expect?

Wed, 07/09/2014 - 09:58 | 4939244 BeetleBailey
BeetleBailey's picture

Schiff destroyed the weather bullshit excuse by pointing out that BMW and Mercedes had record sales all during the fucking cold ass winter....like the 1% braved the conditions....

fuckers....

Shame on the douchebag press for even thinking and saying this shit....proves they aren't worth the sweat off my scrot sac

Wed, 07/09/2014 - 10:01 | 4939258 j0nx
j0nx's picture

Shame?? Sociopaths don't feel shame.

Wed, 07/09/2014 - 10:47 | 4939453 GetZeeGold
GetZeeGold's picture

 

 

Oh....well everything makes sense then.

Wed, 07/09/2014 - 10:01 | 4939257 youngman
youngman's picture

They have one of the best Point of sales systems in the world.....they know what you are buying and when you are buying....his knowledge of the market is in one second....I trust his take on the economy rather than a government employees number from the BLS....

Wed, 07/09/2014 - 10:29 | 4939383 headhunt
headhunt's picture

Are you suggesting that our government is lying about a recovering economy?!

Wed, 07/09/2014 - 10:07 | 4939283 Boondocker
Boondocker's picture

He will commit suicide and be found with two bullet holes...

Wed, 07/09/2014 - 11:02 | 4939523 edifice
edifice's picture

Three: two in the chest, one in the head. "Suicide"

Wed, 07/09/2014 - 10:16 | 4939312 SillySalesmanQu...
SillySalesmanQuestion's picture

I think the sluggish retail sales are due to millions of vehicle recalls by GM and Ford's 5.4 & 6.8 Triton engines spitting out spark plugs like sunflower seeds have left consumers unable to go to the stores to buy anything....

Wed, 07/09/2014 - 10:17 | 4939324 mastersnark
mastersnark's picture

The Container Store is suffering from that centuries old dilemma "food or organize the closet"

Wed, 07/09/2014 - 10:51 | 4939464 Mr. Bingley
Mr. Bingley's picture

Time for a Pivot To The Economy!

Wed, 07/09/2014 - 10:56 | 4939486 GetZeeGold
GetZeeGold's picture

 

 

Two words.....shovel ready!

Wed, 07/09/2014 - 14:23 | 4940419 FrankDrakman
FrankDrakman's picture

Time for a Cloward-Piven To The Economy!

fixed it for you

Wed, 07/09/2014 - 11:08 | 4939535 FreeNewEnergy
FreeNewEnergy's picture

After Q1's 2.9% decline, every ANALyst starter spouting off about the "rebound" in the second quarter, as if they really believed the "weather" meme being tossed around.

Realistically, yes, the recession never ended - be it from 2000 or 2008. I'd say, here we go again, into recession, and the Fed is totally without bullets to fight it. Maybe some more of old Yellen's macroprudential soup will be just the elixir to cure the dead patient that is the US e-CON-o-my!

I can see dear old Ms. Yellen, now... "Oh, My, you look just dead. Have some Macroprudential soup and maybe a few bites of this delicious shit sandwich, which contains half the shit it did ten years ago, due to our hedonic adjustments. But we've added sawdust to the bread and crackers, so you'll feel fine, jest before you keel over and die, again."

Me: "Dude, that dude's dead. You talking about feeding a dead person."

Yellen: "Mmmm, shit sandwich and macrprudential soup. Good for you. And then, lick my genitalia."

Me: "Wow! Now I'm dead. Shit."

Wed, 07/09/2014 - 11:17 | 4939567 MassDecep
MassDecep's picture

Most the alternative media, willie, quayle, etc are stating an event pretty darn soon, July 20th bank holiday etc. It's in the air folks, store food and get ready. These assholes will stop at nothing to reduce the masses and take full control.

Wed, 07/09/2014 - 11:57 | 4939746 NotApplicable
NotApplicable's picture

While not discounting the possibility, I'll point out that these kind of predictions have come and gone several times over the last few years.

My guess is that we (the public) won't know anything in advance about the trigger mechanism, as there will be lots of other false triggers providing cover for it.

Wed, 07/09/2014 - 12:03 | 4939769 MGA_1
MGA_1's picture

Meh.. I actually think the economy is doing pretty well.  ZH will probably be bearish until the next recession which is probably still a couple years away.

Wed, 07/09/2014 - 12:15 | 4939821 gcjohns1971
gcjohns1971's picture

How's your tinfoil hat?

Two of five neighbors have been unemployed for over a year.  While they are not 'technically' unemployed - THEY'RE UNEMPLOYED!!!

Do your own neighbor survey and tell me there was a change to the 2009 recessionary conditions.

There exist three ways to make money right now:

1) Be one of the happy few who can carry trade Fed-originated funds.

2) Be one of the shrinking percentage of households who are surfing the Fed's Free-Money Speculative Wave.

3) Enter the underground economy, woriking for unreported cash, or in illegal trades.

 

All three means are artificial.  Two are artificial by Fed policy and the third by government policy.

How is that a healthy economy?

Thu, 07/10/2014 - 13:18 | 4944027 MassDecep
MassDecep's picture

I enjoyed the tenth down vote tremendously.

 

Wed, 07/09/2014 - 12:08 | 4939784 gcjohns1971
gcjohns1971's picture

Well lets see why that is:

- Gross income to households is flat or down for the last 40+ years.

- Producer prices are up.

- Regulatory compliance costs are way, way up.

- Non-optional consumables like food and oil are way, way up.

 

So... what's left to spend retail?

ANSWER:

Less and less.

 

Wed, 07/09/2014 - 12:18 | 4939838 gcjohns1971
gcjohns1971's picture

There are two kinds of shovel ready projects.  We can only afford one.  Guess for yourself which is the one.

1) Public Works Infrastructure projects.

2) Graves.

Wed, 07/09/2014 - 12:24 | 4939873 Baby Eating Dingo22
Baby Eating Dingo22's picture

No, it's not the weather

It's the dumb-ass idea that there's some untapped market for plastic buckets and Wall Street should fund construction of megamonolithic 3 story buildings on every other street corner to service this need

Only in Fed's Parker Brother's imaginary land of make believe can they pull off a stunt IPOing garbage retailers like this

Wed, 07/09/2014 - 12:25 | 4939885 tomcat1762
tomcat1762's picture

The best predictions I've seen come from Clif at http://halfpasthuman.com/

Wed, 07/09/2014 - 12:48 | 4940011 GooseShtepping Moron
GooseShtepping Moron's picture

As a former retail insider who still has contacts in the business, I can tell you that this story is 100% legit. The two main takeaways are 1) Retail really is in a free fall; and 2) The CEOs really are that clueless about the reasons why.

It all comes down to piss-poor management in one way or another. They don't realize that the old retail models simply do not work in a deflationary environment. They don't realize that fixed costs for transportation and other overhead are only going to go up from here. They've created a terrible shopping experience for the customer because they've massacred their own workforce so badly that now only the most inelligble or desperte employees will take a job with them. (On a related note, think about this: Retailers like Wal-Mart and Kroger actually make it a point to hire developmentally disabled people. Every decent-sized store these days has its token Down's Syndrome courtesy clerk which it basically treats as a store mascot. They call this part of their community outreach. It may be a nice sentimental gesture, but what does that tell you about the level of competence they expect from their employees?)

You've never seen channel stuffing until you've seen a grocery back room, especially during the Holidays. The warehouse will shove out an extra trailer and a half of bin candy just because they can, and the store has no choice but to receive it. It will then have to merchandize it in every square foot of floor space it has. The central office people love to do this because its a pure money-maker for them. After all, what is candy except some cheap cocoa powder, sugar, and vegetable oil with a few industrial additives mixed in? The stuff can be manufactured for cents on the pound and sold at a huge markup. If you're in store management and you have all that candy billeted on you, you begin to feel like Murrieta, CA probably feels about their illegals.

The amount of retail space in the country has been overbuilt to simply ridiculous levels. One store I used to manage just completed a $6 million remodel (well, $6 million was the initial estimate, but the project ran three months behind schedule so who knows how far over budget they were). And foot traffic for the big grand opening? Nothing. Absolutely dead.

This sort of crap is going on all over the place. I finally got out of the business because I just couldn't take it anymore. When you try to run things like a man, with responsibility and sense, and when you take personal pride in developing your workers and treating them decently, and the upper management just won't let you do it, the noble soul whithers under those conditions.You have no choice but to get out.

I've left my curse upon them all. May God take vengence upon retail and bring it to its knees.

"The LORD is my light and my salvation: whom shall I fear? The LORD is the protector of my life: of whom shall I be afraid? Mine enemies that trouble me have themselves been weakened and have fallen." -Psalm 26: 1,2

Wed, 07/09/2014 - 13:51 | 4940269 buyingsterling
buyingsterling's picture

DOES ANYONE ELSE GET ONE JAVASCRIPT ERROR AFTER ANOTHER ON THIS SITE?

Wed, 07/09/2014 - 15:14 | 4940613 edifice
edifice's picture

Too many ads. At least they have the Roadkill Tshirt ads back. Wowee!

Wed, 07/09/2014 - 13:55 | 4940291 Otto Zitte
Otto Zitte's picture

Expect hot, wet torrential mayhem from arbitrary points at random intervals to change the climate to a right nasty degree of panic and impotence this phony election season.

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