We finally know where shoppers spent their money over the Christmas holidays — and it wasn't just on Amazon.
A round of upbeat reports from TJX, Home Depot and Wal-Mart show that several traditional retailers grew sales in a tough quarter for bricks-and-mortar players, and even increased traffic to their stores.
The results help explain the discrepancies between rosy holiday sales reports from the Commerce Department and the National Retail Federation, and the lackluster performances at chains including Macy's, Target and GameStop.
They also provide evidence that consumers are comfortable spending money when they find the right product.
At TJX, both sales and earnings increased during the fiscal fourth quarter, coming in at $9.47 billion and $1.03 per share, respectively. Those figures beat Thomson Reuters consensus estimates that called for a profit of $1 per share on $9.44 billion in revenue.
Sales at the company's established stores also topped Wall Street's expectations, rising 3 percent.
"For a consumer increasingly moving online, the off-price model continues to stand out in the world of bricks and mortar," Citi analyst Paul Lejeuz told investors. "We believe TJX is capturing market share put up for grabs by closing department stores, which should continue in [fiscal year 2017]."