"The lower-end customer is really being stretched," Anderson said on an earnings call with analysts Wednesday.
"We've got to deliver value, and we've got to really display that in how we go to market, and when you walk in the store, what you see.
This, he said, indicates that when consumers see the value of products, the more they have to "stretch their dollar."
Though there has been some indication that aspects of the U.S. economy are improving, consumer sentiment has been lagging.
In fact, consumer sentiment dropped more than 10% in May, according to the University of Michigan Survey of Consumers.
Persons:
Joel Anderson, underperformance, Anderson, We've, we've, —
Organizations:
Revenue, Consumers, University of Michigan Survey
Locations:
U.S