As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the specialty retail industry, including Leslie's (NASDAQ: LESL) and its peers.

Some retailers try to sell everything under the sun, while others—appropriately called Specialty Retailers—focus on selling a narrow category and aiming to be exceptional at it. Whether it’s eyeglasses, sporting goods, or beauty and cosmetics, these stores win with depth of product in their category as well as in-store expertise and guidance for shoppers who need it. E-commerce competition exists and waning retail foot traffic impacts these retailers, but the magnitude of the headwinds depends on what they sell and what extra value they provide in their stores.

The 4 specialty retail stocks we track reported a mixed Q4. As a group, revenues missed analysts’ consensus estimates by 1.9% while next quarter’s revenue guidance was 0.5% above.

In light of this news, share prices of the companies have held steady as they are up 3.3% on average since the latest earnings results.

Weakest Q4: Leslie's (NASDAQ: LESL)

Named after founder Philip Leslie, who established the company in 1963, Leslie’s (NASDAQ: LESL) is a retailer that sells pool and spa supplies, equipment, and maintenance services.

Leslie's reported revenues of $147.1 million, down 16% year on year. This print fell short of analysts’ expectations by 6.9%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ revenue and EBITDA estimates.

Jason McDonell, Chief Executive Officer, said, “Leslie’s transformation journey is gaining momentum as we execute with precision and urgency. Our first quarter results met our expectations, and we’ve made meaningful optimization progress across stores, distribution, SKUs, and costs. While Q1 and Q2 historically represent approximately 25% of annual revenue, to start Q2, we are seeing encouraging momentum with positive comparable store sales in January. This, coupled with the progress we’re making on our transformation initiatives, gives us conviction in delivering our full-year commitments.”

Leslie's scored the highest full-year guidance raise but had the weakest performance against analyst estimates and weakest performance against analyst estimates of the whole group. Unsurprisingly, the stock is up 15.8% since reporting and currently trades at $1.39.

Read our full report on Leslie's here, it’s free.

Best Q4: National Vision (NASDAQ: EYE)

Operating under multiple brands, National Vision (NASDAQ: EYE) sells optical products such as eyeglasses and provides optical services such as eye exams.

National Vision reported revenues of $503.4 million, up 15.1% year on year, outperforming analysts’ expectations by 1.5%. The business had an exceptional quarter with a beat of analysts’ EPS and EBITDA estimates.

National Vision scored the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 2.4% since reporting. It currently trades at $26.00.

Is now the time to buy National Vision? Access our full analysis of the earnings results here, it’s free.

Tractor Supply (NASDAQ: TSCO)

Started as a mail-order tractor parts business, Tractor Supply (NASDAQ: TSCO) is a retailer of general goods such as agricultural supplies, hardware, and pet food for the rural consumer.

Tractor Supply reported revenues of $3.90 billion, up 3.3% year on year, falling short of analysts’ expectations by 2.4%. It was a softer quarter as it posted full-year EPS guidance missing analysts’ expectations.

As expected, the stock is down 18% since the results and currently trades at $45.22.

Read our full analysis of Tractor Supply’s results here.

Petco (NASDAQ: WOOF)

Historically known for its window displays of pets for sale or adoption, Petco (NASDAQ: WOOF) is a specialty retailer of pet food and supplies as well as a provider of services such as wellness checks and grooming.

Petco reported revenues of $1.52 billion, down 2.4% year on year. This result was in line with analysts’ expectations. Overall, it was a very strong quarter as it also produced a solid beat of analysts’ EBITDA estimates and EBITDA guidance for next quarter exceeding analysts’ expectations.

The stock is up 17.6% since reporting and currently trades at $2.82.

Read our full, actionable report on Petco here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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