3 Stocks That Performed Well on Amazon Prime Day

Prime Day is the biggest sales event, but other retail companies could also score with their own extravaganzas

Amazon (NASDAQ:AMZN) held its annual Prime Day sales frenzy on July 16 and 17. This year, shoppers spent an estimated $14.2 billion during the two-day event, an 11 percent increase from last year.

While Amazon has provided few details about how much was actually spent, it said it was another record-breaking sale that saw a record number of people sign up for Prime. While some of those who signed up undoubtedly just wanted to take advantage of the sale and then canceled, Amazon likely built significantly on its estimated 180.1 million Prime users in the U.S.

Yet Amazon isn’t the only one holding a sale. Realizing that consumers are eager to save money during the event, other retailers are jumping on the bandwagon with their own sales. Increasingly, however, Amazon’s main rivals are choosing not to compete directly with the e-commerce giant. Instead, many are holding their own sales events, either just before or just after Amazon.

Here are three Amazon Prime Day stocks that took advantage of the sale, either with their own door-to-door event or on Prime Day itself.

Walmart (WMT)

Walmart (WMT) logo on a store front

Source: Ken Wolter / Shutterstock.com

Walmart (NYSE:WMT) used to compete directly with Amazon by holding sales on Prime Day, but that hasn’t happened in recent years. Now that it has its own loyalty program for members, Walmart+ Week is an exclusive chance for subscribers to save big. It runs a month before Prime Day, from June 17 to 23.

According to PYMNTS IntelligenceTheir research among Walmart+ members found that the fourth annual event was used as an opportunity to stock up on groceries. Two-thirds of shoppers purchased grocery items, while the next largest items were health and beauty products, with about 60% of shoppers purchasing them. Apparel and accessories came in third with about 50% of members purchasing.

With sales happening both online and in physical stores, PYMNTS found that online shoppers purchased an average of 20.6 items, compared to 14.9 items in physical stores.

What the PYMNTS Intelligence research indicates is that Walmart continues to thrive at what it does best. Particularly during periods of high inflation, shoppers turn to the retailer to get the best deals on essentials, primarily food for their families. And because they’ve also been able to take advantage of free shipping, Walmart remains a destination for everyday low prices.

Target (TGT)

tgt stock

Source: Sundry Photography / Shutterstock.com

Goal (NYSE:TGT) was another retailer that used to take on Amazon directly on Prime Day, but decided it was better off devoting its resources to an event of its own. The retailer has held week-long savings events in the past, but this year it launched Circle Week in April. It coincided with Target revamping its loyalty program with a new $99 tier, Target Circle 360.

The second Circle Week event of the year was held just before Prime Day, from July 7 to 13. It was exclusive to Target Circle members, whether free or paid. Like Walmart+ Week, the Target sale was also an omnichannel event, with members able to shop online, in-store, or through the Target app.

Target may even have an advantage over Amazon, but it has come at the expense of sellers. CNBC reported that Amazon’s pricing algorithm detected the sale price on Target’s website. This caused third-party retailers to lose the location of the “buy box” on Amazon, which is the listing that first appears when a consumer searches for a product. While a sale may have occurred at Target, merchants saw their Amazon sales implode.

Target’s sales week success hasn’t yet translated into its stock price. Shares are flat in July, though they’re up 5% year-to-date and 11% over the past 12 months.

Best Buy (BBY)

A photo of the facade of a Best Buy store.

Source: Ken Wolter / Shutterstock.com

Electronics seller Best Buy (NYSE:BBY) held a Black Friday in July sale to coincide with Prime Day. However, it started a day earlier, on July 15. According to the website TinuitiMany other retailers also hosted competing events. However, only Best Buy was high enough to register alongside Walmart and Target.

While 35% of consumers said they’d shop Walmart+ Week and 34% said Target Circle Week was on their radar, Best Buy’s summer sale was considered by 11%. Yes, significantly less than the others, but miles ahead of other retailers.

It also offered some incredible deals. TVs started at $64, Chromebooks went for $139, and Apple (NASDAQ:AAPL) Watches were listed for $299, a savings of $100. And unlike other retailers, you didn’t have to be a member of a loyalty program to score the deals. However, if you were a subscriber, you got extra savings.

After a steep decline last year, Best Buy stock has struggled to recover. From its November lows, BBY has risen 40%. It has found its feet again in the digital space. Best Buy effectively uses its stores as distribution centers for online sales. About 35% of its stores now account for 70% of the volume of in-store sales. Best Buy has once again become a competitive threat to other consumer electronics retailers.

On the date of publication, Rich Duprey had no positions (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are the opinions of the author, subject to InvestorPlace.com Publishing Guidelines.

The responsible issuer had no positions (either directly or indirectly) in the securities mentioned in this article on the date of publication.

Rich Duprey has written about stocks and investing for 20 years. His articles have appeared on Nasdaq.com, The Motley Fool, and Yahoo! Finance, and he has been featured in U.S. and international publications including MarketWatch, Financial Times, Forbes, Fast Company, USA Today, Milwaukee Journal Sentinel, Cheddar News, The Boston Globe, L’Express, and numerous other outlets.