Jeffrey Klinefelter Quotations

Penney offered a benign set of comments about Eckerd. While its department stores are doing a little better, Eckerd is deteriorating. The speculation is that Penney's first choice is to sell its drugstore business.

Wal-Mart was rightly cautious with its outlook. Their first-quarter sales barely met the lower end of their 2 to 4 percent guidance.

Wal-Mart is a litmus test for the economy with respect to consumer spending. One thing I'll be interested in hearing about is the sales outlook, and especially whether or not deflation is a concern.

We believe the 'back-end loaded' nature of December will be particularly pronounced this year.

What should be considered here is that the first quarter is off to a very strong start.

The specialty retailers have outperformed the mass merchandise chains this time, ... The question for me is, 'Could spending on the discretionary group finally be picking up?'

Target's increased emphasis on providing consumers with trend-right merchandise has strengthened the retail chain's presence as a destination for apparel.

Target's business has evolved to a point where I believe their core customer is as comfortable buying an outfit as they are a basic necessity like soap and toothpaste, and that is really the ultimate goal of everyone in that industry. It certainly appears to be an even sharper focus of Wal-Mart at this point, given how Target has outperformed Wal-Mart over the past two years.

Investors are starting to appreciate how accretive international licenses can be.

The company is reconfirming guidance for 2006 that includes at least 20 percent revenue growth.