Says U.S. discretionary sales lagging grocery and consumable sales. Says disposable income shifting from goods to services. Says increased penetration in most attractive parts of the market. Says operating profit/margin in line with base plan in Q1. Says negotiations on new Teamsters contract are underway; confident in an agreement by end of July. Says there has been a deceleration in U.S. retail sales growth, and certain non-U.S. markets remain challenged. Comments taken from Q1 earnings conference call.
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