This holiday season, Dana Telsey, CEO of Telsey Advisory Group, expects more in-store shoppers and a movement away from spending on home improvement into clothing and beauty as consumers move out of the pandemic mindset. But not all retail companies are on the same level. “I think this holiday season is going to be about in-person shopping,” Telse said on “Squawk Box” Friday morning. “They’re opening later, they’re opening at 6 a.m., we have more promotions this year than last year. It’s a world of difference, and I’d like to see that as we go forward.” What are the triggers of.” Retailers were deemed pandemic winners as consumers shifted stimulus-boosted spending away from services toward goods. But those trends have bucked this year, as consumers are once again looking to spend on experiences like travel, if not pulling back all together amid inflationary pressures. Taking that outlook, Telsey breaks down the retail stocks that she sees as both winners and losers within the changing landscape. He said winner Bath & Body Works is a company that generally does well but surprised during its third quarter while other retailers struggled. The retailer known for its fragrances, lotions and candles reported double the earnings per share expected by analysts earlier this month, according to StreetAccount forecasts. For the fourth quarter, Bath & Body Works expects earnings per share of between $1.45 and $1.65, compared to a StreetAccount forecast of $1.54. Bath & Body Works stock is down 42.1% in 2022, outpacing the S&P 500’s 14.3% decline. “When you walk a shopping center during Black Friday, you’re going to see some of the longest lines out there,” Tellse said, referring to Bath & Body Works. Among department stores, Telsey said that Macy’s “has done a better job” because it has improved the assortment and intensity of promotions. Sales and other promotional activities have become increasingly popular among retailers trying to move inventory gluts. Macy’s posted quarterly earnings and revenue per share on Nov. 17 that beat analysts’ expectations. The company also raised its full-year estimate earnings outlook. Macy’s shares have fallen 10.5% since the beginning of the year. Ulta is a winner in the cosmetics space, Telsey said, with more people going to events that require makeup and better skin care. The cosmetics store chain, which has gained 8.5% in share price this year, reports third-quarter earnings next week. In the second quarter, Ulta beat expectations for earnings per share, revenue and comparable store sales. It also completed a share repurchase, which investors generally view as a sign company management is confident in its ability to propel the share price forward. The losers are some of the names Telsey expects to struggle this holiday season, like Cole’s and Gap. “There’s work to be done,” she said of these companies. Kohl’s saw its third-quarter revenue decline 7% and scaled back its guidance for the year, citing macroeconomic challenges facing the department store chain. Shares are down 34.2% since the start of the year as the company grapples with changes in consumer spending and its “unexpected CEO transition.” Gap beat revenue expectations in the third quarter, but executives said they remained cautious and prudent heading into the holiday season due to an “uncertain” consumer and “bullish promotional environment.” The retailer saw comparable store sales rise 1%, despite analysts’ expectations for a 3.2% decrease. Compared to the beginning of 2022, shares are down 16.5%.