The painful memory of fall 2008, when many retailers were forced to dump merchandise at heavily discounted prices, seems to have faded. No longer is the sector’s strength dependent on just a resurgent consumer. Now stores are working to make more money on each sale.
This shift in strategy may be most apparent in Saks , Cramer said. The company wants revenue growth, but not at the expense of profits. Which is why he’s willing to overlook seemingly weak year-over-year sales. That and Saks’ great cost-cutting initiatives.
The man behind the change? Chairman and CEO Steve Sadove. Cramer interviewed Sadove for Tuesday’s Mad Money. Watch the video to find out what he had to say about the state of the consumer and his company.
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