CNBC's Jim Cramer on Monday reviewed retail earnings so far and offered predictions for the rest of the season, saying that companies in the sector need to offer bargains to consumers who feel the weight of inflation.
"I think retail's still the ugly duckling versus travel and leisure," he said. "People don't want to spend money on physical items unless they have to, but even then, they're going to be more frugal, even if means getting a lower-quality hamburger or latte."on Monday reviewed retail earnings so far and offered predictions for the rest of the season, saying that companies in the sector need to offer bargains to consumers who feel the weight of inflation.
"I think retail's still the ugly duckling versus travel and leisure," he said. "People don't want to spend money on physical items unless they have to, but even then, they're going to be more frugal, even if means getting a lower-quality hamburger or latte."earnings' disappointed last week because its products have become too expensive.
"The big retailers haven't reported yet, but the smaller ones have already taught us an important lesson: if you're trying to get away with maintaining high prices here, you're going to lose customers," he said. Walmart declined to comment. McDonald's, Starbucks, Target, Dollar General, Dollar Tree and Costco did not immediately respond to requests for comment.
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