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WALMART HOLDS HIGHER; CONSUMERS LOOKING FOR BARGAINS

Retailer stocks are mixed on Thursday, but bright spots remain in the group, including a jump in shares of Walmart WMT.N.

Walmart's shares are up 5.6% even as the broader market is selling off, a day after Target's TGT.N stock dropped on disappointing results. Walmart earlier in the day raised its annual forecasts for the second time this year after another strong quarter led by surging online sales.

Jharonne Martis, director of consumer research, analytics & AI at LSEG Data & Analytics, writes in a note Wednesday that some retailer results this earnings season point to "consumers’ growing preference for value-driven shopping."

Target's news suggests that "as inflation pressures persist, consumers continue to trade down and seek better deals elsewhere." Shares of Target, which reported Wednesday, are down 2.2% on Thursday and the S&P 500 retail index .SPXRT is down about 1%.

At the same time, off-price retailer TJX Cos TJX.N, which also reported on Wednesday, beat both earnings and revenue estimates, with comparable sales also surpassing expectations, she notes. "The company emphasized its positioning as a gifting destination for value-conscious shoppers this holiday season," Martis writes. TJX shares are up 1.7% on Thursday.

Another bright spot this earnings season is Pottery Barn owner Williams-Sonoma WSM.N. The stock is up 1.7% on Thursday. The company early on Wednesday kept its annual sales forecast intact and topped quarterly estimates.

Martis notes, however, that the furniture industry "remains pressured by a sluggish housing market, as affordability concerns and economic uncertainty deter homebuyers."

(Caroline Valetkevitch)

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