bullish going into the numbers and says it's still a value here joining us is senior retail analyst oliver chen. great to have you with us, oliver it's still a buy for you. >> yes, it is. we're excited about the print today. the customer is going out, so the big story for the consumer next is that going out trade and apparel items such as dresses, cosmetics, we like ulta as well, and we think macy's is inexpensive p/e below five times, dividend yield as well as the real estate and the company modernizing across inventory management, speed, e-commerce, loyalty and acquiring new customers. there's a lot that's working that being said, kelly, the consumer is at a crossroads. inflation, stimulus, the lower end consumer, those are all risk factors to pay attention to as well >> sure. i just want to point out we have the restaurant stocks up strongly as well so up almost 25% in just two sessions so did we reset too much last week or when we heard about walmart and target's results, and should these stocks moves be take nen that context when they've still been underperforming year to date >> well, sto

. >> it was one of oliver chen's big picks when we talked to him for many of the same reasons you citeey manage to expand their profit margins to 40% from under 39% at a time when there's so much price pressure everywhere. >> ulta benefitted from timing of luck. they say if you can't be smart you would rather be lucky. they actually plowed in an enormous amount of investment into their supply chain, going into 2018, so as the pandemic hit, they had just finished up a massive overhaul of their supply chain, of their inventory management and they pumped up their e-commerce game. you couldn't have caught that timing better in order to survive the pandemic and now they're benefitting while a lot of people are still figuring out supply chain issues. >> not that you were going to give a price target, but what's your sense here of the kind of runway it now has to run >> i think the pent up demand story is there we see consumption there and, you know, the interesting thing about the consumer discretionary sector broadly in retail it has had the worst revisions in terms of eps expectations and

but abercrombie at h4 a% >> it's a weird time joining us is oliver chen, a columbia business school professorng in advance so your goods don't get caught up and you don't have anything to deliver. but i don't know what's worse, having nothing to sell or having a bunch of stuff nobody wants. >> that's epic challenge for retail, balancing supply and demand and walmart and target really stocked up what's happening next is the consumer going toward categories su such as fashion, ruggage bi bigger, patio have faced problems. >> a certain bifurcation what we're really concerned is the lower-earning consumer the spending intentions are lower, 70% lower at that's something to watch at the same time, on the positive side, unemployment is fairly low at 3.6% so there are cross currents, and the consumer generally behaving much more intentionally. >> i think it just depends on which side of that picture you're going to take if youly think it's the positie side and the consumer has a lot of money, you would say okay the selloff has been too extreme. if you think a recession coming then maybe not which sid