Shoppers browsing through items at a Target store in Alexandria, Va., on Black Friday.
Shoppers browsing through items at a Target store in Alexandria, Va., on Black Friday.

“When companies are priced for death, slight increases seem heroic,” observes Simeon Siegel of Nomura Securities. Indeed, holiday sales, reported over the last week by a cluster of such doomed retailers, suggest an extraordinary revival.

On Tuesday, Target became the latest retailer to surprise investors with good news. The company posted 3.4% holiday growth and lifted its fourth-quarter and full-year earnings outlook, sending its shares up 4%.

A day before, Kohl’s again dazzled investors with a 6.9% increase over last year. The company, whose shares are up nearly 40% in two months, also raised 2017 earnings guidance from $3.72-$3.92 to $4.10-$4.20.

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The retail industry is undergoing another major shift — to e-commerce. How did we get here? Photo: Associated Press

It isn’t surprising that Kohl’s and Target were among the best performers. Both have made big investments in e-commerce and innovation. Kohl’s attributed its growth to digital demand and stronger in-store traffic. Its new partnership with…