Bloomberg BusinessWeek recently pointed out a pair of noteworthy stats: Personal consumption as a share of gross domestic product sits at 71.1%, its highest rate since 1948. Furthermore, the financial obligations ratio is lower than it has been since 1984.

Taken together, these two statistics highlight the fact that the consumer still is driving the economy. However, not everyone is benefiting from this reality, as recent earnings have illustrated, so investors wanting to delve into the sector should first take a look at this canvas of the winners and losers in retail.

The Good

Coach announced excellent third-quarter earnings in April, up 21% on strong sales in the U.S. and China. The highlight was its North American same-store sales, which increased 6.7% on higher gross margins. And, According to Fox Business, Coach (NYSE:COH) has the third-highest sales per square foot in America at $1,824. With its Chinese business booming and its home court delivering solid results, Coach has to be considered a winner in the battle for consumer spending.

Also on Fox Business’ list (in fact, one up from Coach) is Lululemon (NASDAQ:LULU), the Canadian-based retailer of yoga-inspired athletic apparel. In the past, I’ve been a vocal critic of its corporate governance and excessive valuation, but it’s impossible to deny LULU’s continued success. In Lululemon’s fourth-quarter earnings release March 22, the company indicated that sales per square foot were $2.004 for the fiscal year ended Jan. 29. Its 2012 earnings per share increased 49.4% to $1.27, and its revenues hit the $1 billion mark for the first time ever. As if to suggest it were splitting the bounty, Lululemon has nominated Coach President and COO Jerry Stritzke to the board. To the victor go the spoils.

TJX Companies (NYSE:TJX) reported excellent earnings May 15 thanks in large part to an 8% increase in same-store sales. Its first-quarter earnings increased 41% year-over-year to 55 cents per share thanks to a 130-basis-point improvement in its gross margins. TJX, which ended the quarter with $1.6 billion in cash, forecasts fiscal 2013 EPS between $2.27 and $2.37. TJX’s performance is an indication that while consumers are choosing to open their wallets at high-end stores like Lululemon and Coach, they’re also looking for bargains, which is TJX’s specialty.

The Bad

My first selection isn’t an indication of the long-term potential of this retailer, but rather the disappointment in a quarter that could have been so much better. Nordstrom (NYSE:JWN) same-store sales increased 8.5% year-over-year and online sales improved 44.2% in the first quarter, suggesting business is good at the upscale department store. However, to gain market share both in the store and online, it did so at the expense of profit margins. Its earnings per share were 70 cents, which were 5 cents short of analyst expectations — and if not for share repurchases, they’d have grown by no more than a penny. Since Nordstrom’s revenues have been growing nicely since 2009, it’s important that it figure out how to generate more profit from every dollar of revenue. Long-term I see JWN doing that, but in deference to the Stanley Cup playoffs, Nordstrom is temporarily in the penalty box.

Kohl’s (NYSE:KSS) appears to be another victim of the haphazard buying patterns of consumers. Its first quarter, as Michael Douglas would say, “is a dog with fleas.” Sure its same-store sales increased 0.2% and overall revenues increased 1.9%, but the haircut it took to achieve those sales hardly seems worth it. Kohl’s net income dropped 23% in the quarter to $154 million as it reduced prices to encourage customers to spend more at its stores. Kohl’s worked (barely) on the top line while gross margins were cut by 220 basis points, costing it dearly on the bottom line. Its management suggests the second quarter won’t be any better, although the fall should see some relief. Kohl’s is a mediocre retailer right now, and I’d have a hard time owning its stock. Macy’s (NYSE:M) — which I didn’t mention in the “good” section, but had an excellent first quarter — would be a much better buy at this point.

The Ugly

Ugly is being kind to J.C. Penney (NYSE:JCP) As I write this, its stock is off 15% on heavy trading. We all know J.C. Penney is in the beginning of a multi-year turnaround by former Apple (NASDAQ:AAPL) retail boss Ron Johnson that involves moving away from its traditional business model of running sales throughout the year, and moving toward everyday low pricing. Customers aren’t buying it. The Plano-based retailer went from a $64 million profit in the first quarter last year to a $163 million loss in 2012. J.C. Penney’s same-store sells fell 18.9%, 670 basis points worse than analyst estimates — and if that wasn’t enough bad news for investors, JCP also announced the discontinuation of its 20-cent quarterly dividend.

Without the dividend, there’s absolutely no reason to consider owning JCP until the company can prove without hesitation that its business is improving. I feel sorry for longtime J.C. Penney employees who own 13.8 million shares of its stock and are basically left holding the bag as the building burns around them. They better hope CEO Ron Johnson isn’t a quitter, because this turnaround has Liz Claiborne — now Fifth & Pacific (NYSE:FNP) — written all over it.

As of this writing, Will Ashworth did not hold a position in any of the aforementioned securities.