Providing value still key/BoJ has another reason to hike rates

With many earnings calls to go through, I'll start with them. As heard from the retailers below, providing value and convenience are still the keys to surviving in this uneven macro environment.

From Dollar General, whose stock was little changed yesterday but up 9 out of the last 10 days:

"On the top line, while our core customer remains financially constrained, our results came in near the high end of our expectations for the quarter...we continue to grow market share in both dollars and units in highly consumable products sales during the quarter and also grew market share in non-consumable product sales."

"Same store sales increased 1.3% during the quarter and was primarily driven by growth of 1.1% in average transaction amount, including increases in average items per basket and average unit retail price per item. Customer traffic also increased .3% during the quarter. The comp sales increase was driven entirely by growth in our consumable category, as customers continued to focus their spending on the items they need most for their families. This growth was partially offset by declines in the home, seasonal, and apparel categories."

"Notably, the last full calendar weeks of both August and September were the weakest of the quarter, suggesting that our customers continue to face significant financial pressure, as they are less able to stretch their budgets at the end of the month."

"the heightened promotional environment persisted throughout the third quarter, and we anticipate that it will continue for at least the duration of the year."

From Kroger, whose stock rose 1.3% yesterday:

"Customer spending habits continue adjusting to current macroeconomic factors. As inflation normalizes, our premium and mainstream households are feeling more confidence and are returning to their pre-pandemic shopping patterns more quickly. Mainstream households are the primary driver of our positive customer engagement trends. While overall consumer sentiment remains low, expectations are improving which positions us well for the holidays and into next year."

"As we said, near term, some customers are managing macroeconomic uncertainty. Spending from budget conscious households remain under pressure, as the effects of multi-year inflation and higher interest rates have had a larger impact on these households. Therefore, we expect it will take longer for these households to feel the benefits of economic improvement. Kroger is delivering on its longstanding commitment to provide customers with the value they are seeking."

From Signet Jewelers, whose stock fell 12% yesterday: