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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ShrNfr's picture

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

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!

GetZeeGold's picture

 

 

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

 

No....I'm not kidding.

Shocker's picture

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

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

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SoilMyselfRotten's picture

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

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

Dr. Engali's picture

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

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.

Dr. Engali's picture

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

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.

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.

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".

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!!!!

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.

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.

PoliticalRefugeefromCalif.'s picture

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

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.

GetZeeGold's picture

 

 

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

Eyeroller's picture

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

 

GetZeeGold's picture

 

 

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

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.)

Squid Viscous's picture

LOL at Matt Drudge, zionist whore

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.

Jumbotron's picture

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

Watch for his obituary.  Death by nail gun.

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.

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

stormsailor's picture

the funk rushed out, and knocked me to my knees

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!?

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...

 

disabledvet's picture

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

Long burning things.

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.

Sudden Debt's picture

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

 

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.

disabledvet's picture

SOUNDS LIKE A STORMS A BREWIN'!

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...

Zadok's picture

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

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/

 

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...

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.

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.

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.

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.

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.)

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.