The snow has melted. The weather is warming. The Oscars were Sunday, and for most people, 2025 has just about disappeared in the rearview mirror. But there was one last bit of business to attend to before we could fully put the year to rest, and that was the Q4 earnings season. Most of the major retailers have turned in their results, and we’re picking through the data, earnings calls, and analyses to better understand the state of the industry and where it might be headed in the year ahead. 10,000-foot view: Despite the uncertainty in the broader economy last year, RJ Hottovy, head of analytical research at Placer.ai, told Retail Brew, “There’s a sense of cautious optimism and a sense that the US consumer is holding up relatively well.” He added that while consumers are still “stretched from a household budget standpoint,” they are still finding reasons to go out and shop. In terms of earnings, this trend continues to benefit retailers that offer value, including off-price retailers such as TJX Companies, dollar stores such as Five Below, and mass retailers such as Walmart. Taken together, the sector outperformed expectations. Zacks Retail sector scorecard found that as of February 25—when 22 of the 30 retailers in the S&P 500 index had reported—total earnings were up 6.9% from the same period last year, with 50% outperforming EPS estimates and 77.3% outperforming revenue estimates. Keep reading here.—AV | 
