Holiday 2018 performance data is streaming in, and Target has emerged as the big winner. Same store sales were up 5.7% for the 9-week holiday period ending January 6, and that’s on top of a 3.7% boost a year ago. Also looking very good was Costco, with November US same store sales up 12% followed by December US comp sales (through January 6) of 7.5%. Granted, these numbers outpace those put up by Target, but it’s largely more of the same and not above-and-beyond for the warehouse giant. Walmart has yet to release its results.

The news wasn’t so good for traditional department stores, all of which needed to bring it this season. Consensus posits Macy’s as the big loser. While comps for the holiday were up 1.1%, it wasn’t enough. Upon releasing the results, the company decreased its fiscal-year guidance for revenue, profits and same stores sales. Bank of America downgraded its stock from “neutral” to “underperform,” and the 17% drop in its share price last Thursday was its worst day on record.

In slightly more upbeat developments, Kohl’s gets a pass (for a minute) with 1.25% comp sales figure (though far less than last year’s 7% boost) and the company’s response to raise the low-end of its earnings per share guidance. JCPenny, though, struggled mightily with a -3.5% comp sales figure for the 9 week period. Nordstrom’s traditionally doesn’t report holiday figures outside of its standard quarterly reporting cycle, and Sears is Sears.

The takeaway? The days of slight gains and “beginning to see positive momentum” are over for the department store chains in 2019. If sales, revenues and profits don’t grow quickly, more than one may not be around in 2020.