The winners and losers of America's great retail shakeout are becoming clear. Target and Walmart are definitely winners. And just about every traditional department store is losing.
Sales at Target stores open at least a year increased 3.4% during the summer quarter and profit rose, Target said Wednesday. Target beat Wall Street's predictions for the recent quarter and raised its profit forecast for the rest of the year.The results come on the heels of Target's best year in more than a decade. Investors drove up Target stock around 18% in early trading Wednesday. Shares hit a record high.
JCPenney , which is trading at below $1 a share, reported last week that sales dropped 9% during its most recent quarter, continuing its steady decline.Even Kohl's , a favorite of retail investors because of a partnership with Amazon and a creative approach, reported a slump last quarter. Sales declined 2.9% at stores open for at least a year. The Gap and L Brands , the parent of Victoria's Secret, have also been hit hard. Both companies report earnings this week.
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