Some of the biggest retailers in the U.S. are set to report their latest quarterly figures this week, potentially giving insight on how well consumers are faring with inflation and the broader macroeconomic environment. Walmart and Home Depot are slated to report Tuesday. Target's results are scheduled for Wednesday, along with TJX. The sector has broadly struggled this year, with the SPDR S & P Retail ETF falling 27.
The retail giant's stock has dropped more than 25% in 2022, but it has rallied 16.8% in the fourth quarter. However, Evercore ISI analyst Greg Melich initiated last week a negative tactical trade ahead of the company's quarterly report. "We see Target posting a miss and lower 3Q reflecting 1) our view that comps are likely in a relatively modest 2-2.5% range, product mix is likely a headwind, and there is further work to clear inventory after a 6+ month build up.
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