Analysts See Value Reigning as Mall Retailers Slide

As retailers prepare for the Black Friday rush, it’s the big value players that are bringing almost all of the earnings momentum into the make or break holiday season.  And that could signal more trouble for the mall-dependent companies trying to break out of their box, including Gap Inc., which at least some analysts think could ditch its plan to spin-off Old Navy given weak results and the departure of chief executive officer Art Peck.  After Walmart Inc. nearly doubled third-quarter profits last week, raking in $3.3 billion, Morgan Stanley analyst Simeon Gutman sounded a note of approval.  “We prefer to stick with retail playbooks that are working; the big are getting bigger and the winners are those with scale that have made significant e-commerce investments,” Gutman said in an analysis of Walmart’s results.   Walmart fits that bill. So does Target Corp.  Meanwhile, off-pricers such as TJX Cos. Inc., Ross Stores Inc. and Burlington Stores Inc. have been able to continue to press their structural advantage, soaking up excess goods in the system and selling brands at deep discount and with a treasure hunt vibe.   Almost everyone else in the traditional brick-and-mortar set is struggling for earnings traction.  A WWD survey of analysts’ third-quarter earnings projections for

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