Matthew Fassler
Matthew Fassler
concerned despite drivers few given growth impact majority poor remain return sales showing stores tangible
We remain concerned with the company's longer-term positioning, given its choppy sales showing despite significant store-level investment, and its poor return on capital. The majority of its remodeled stores should have yielded their most significant same-store sales impact in 2002, and we see few tangible growth drivers ahead.
alliance associated believe challenges cultural economic enable home increased investment minority option ownership political
We believe that an alliance ... or minority investment with option for increased ownership would enable Home Depot to participate in China's economic development without the difficulties associated with navigating its political and cultural challenges alone.
broader confidence consumer consumers feeling indicator monitor number obviously
We obviously monitor consumer confidence as an indicator of how consumers are feeling about the broader economy, but we also look at a number of other indicators.
consumer describe falls home hurts largest office retail
The largest retail sectors would be home improvement, consumer electronics, books, music, toys, office supplies. We describe anything that hurts when it falls on your foot.
aggressive company continues dominant earnings music online operator remains stance threaten
The company remains the dominant operator in music retail, but its aggressive online promotional stance continues to threaten the company's earnings trajectory.
company growth largest management next position products school several simply smaller specialty strong team terrific
School Specialty is a smaller company. It's the largest distributor of educational products to schools. And simply put, this is a company with a terrific competitive position and a very strong management team that I think is very well positioned for growth over the next several years.
buck stopped
The buck stopped at his desk, but from too many directions.
both industry leaders numbers posting product strong suggestive
For the first time, both industry leaders are posting numbers suggestive of a strong product cycle.
areas banal driving effective enhance essential focus investment logistics necessary plan rather turnaround
OfficeMax's turnaround plan focuses on the investment necessary to enhance the productivity of its underperforming assets, banal but essential areas such as infrastructure, logistics and systems. Effective turnarounds focus on these areas, rather than on driving short-term sales.
associated challenges cultural economic enable home increased investment joint minority option ownership political venture
An alliance, joint venture or minority investment with option for increased ownership would enable Home Depot to participate in China's economic development without the difficulties associated with navigating its political and cultural challenges alone.
clearly home housing powerful tail
Home Depot is clearly benefiting from the tail of a powerful housing and refinancing cycle.
issues lack personal recent results
Mr. Edmondson's personal issues ... are tangential to the firm's recent lack of execution, results and direction.