It has been a volatile year for U.S. retailers, but their latest round of earnings reports show an emerging divide that could define the crucial holiday season.

Retailers that focused on value, even at the high end, did well, according to quarterly earnings calls and statements this month. Companies that didn’t meet sales or profit expectations missed key trends or suffered from poor management, analysts said.

“In today’s world, with these earnings across all the sectors, it does come down to how you’re running your business, and are you playing to the trends that the consumer is interested in,” said Jessica Ramírez, a retail analyst and co-founder of the Consumer Collective, a company that tracks consumers.

Here’s what the retailers had to say about what is shaping their outlook:

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