The winners and losers in retail this earnings season

Riding lawnmowers stand in a row in the parking lot outside a Home Depot Inc. retail store in Bowling Green, Kentucky.
Luke Sharrett | Bloomberg | Getty Images

There are very clear winners and losers emerging as retail earnings reports continue to shed light on the sector.

Winners: Home Depot; Nordstrom; TJX Companies; and the DIY auto space, which includes names like Advance Auto Parts.

Continuing to trend down: Wal-Mart; department stores like Macy's, Kohl's, and Dillards; and some luxury brands like LVMH, Fossil, and Ralph Lauren.

The jury is still out on the other companies reporting this week, but it's likely Lowe's, L Brands and Ross Stores will continue strong, with a tougher call for American Eagle, Target, and Gap.

Wal-Mart is the clear disappointment, down nearly 3 percent to a new 52-week low, the only company at a new low at the open. Shares are down 18 percent year to date.

Read More Wal-Mart posts earnings of $1.08 a share, cuts guidance

The focus has been on Wal-Mart's lower guidance for the year, but the company highlighted many positives:

  1. U.S. same store sales up 1.5 percent
  2. Dividend a healthy 2.8 percent
  3. Continuing to buy back stock, $1 billion during Q1
  4. E-commerce sales up 16 percent year over year, a slight deceleration but still strong

And if you read the report carefully there are several reasons guidance has been lowered, only a couple due to lower sales:

  1. Investment in wages and training
  2. Investment in e-commerce
  3. Forex impact
  4. Weaker pharmacy margins (a negative surprise)