The first half of 2021 was a wild ride for retail stocks, and it isn't over yet.

With the economic reopening and the return of the so-called meme trade, consumer-oriented names have largely outperformed. The $Spdr Series Trust Spdr S&P Retail Etf(XRT.US)$ is up more than 50% year to date.

There's reason to believe that the rally still has legs. Schools, offices, restaurants, and entertainment venues are reopening, which means consumers will need clothing other than the loungewear that dominated 2020. In addition, many analysts are predicting a fashion shift -- including 90s-inspired items and a focus on comfort -- that would further motivate shoppers to refresh their wardrobes.

To top it off, increased savings rates have left consumers flush with cash for discretionary purchases -- a pattern evident in recent retailer earnings.

Here are the five best performing retail stocks for the first six months of 2021.

$GameStop Corp(GME.US)$

Not surprisingly, GameStop (GME), the king of the meme trade, is the biggest winner for the first six months of the year, rising 1,019% as of Tuesday's close.

The meme trade burst onto the scene in January, when heavily-shorted stocks like GameStop and AMC Entertainment Holdings (AMC) shot drastically higher. A cadre of small individual investors, often organizing on social media, targeted companies that Wall Street was betting against, and the trend continues to be a driving force in the market.

While GameStop stock has been in the spotlight ever since, the past few weeks have been particularly eventful for the company. In June, the company got a new chief executive officer, and joined the Russell 1000 after raising more than $1 billion in a stock sale. It also reported better-than-expected fiscal first-quarter results. But while individual investors clamor for the shares, analysts continue to move to the sidelines. They say fundamental research is wasted on a stock that is moving so quickly for nontraditional reasons.

Indeed, the videogame retailer is still expected to lose 33 cents a share this year, although that is better than last year's per-share loss of $2.14. The four analysts who still cover GameStop are evenly split between Buy and Hold ratings, with an average price target of $68.75, well below the $210.88 where the stock closed Tuesday.

$Dillard's Inc(DDS.US)$

Department store Dillard's (DDS) takes second place, rising 182% since the start of 2021. The company began the year as another highly-shorted small cap, although short interest in Dillard's has fallen lately, now hovering around 10%. The company delivered better-than-expected fiscal first-quarter results in May, when it also authorized $500 million in share repurchases.

That said, analysts aren't convinced on Dillard's: Three of the five who cover the shares are bearish, while the remaining two rate it at Hold. Their average target price of $88.25 is roughly half of the current share price. For the full year, consensus calls for Dillard's to earn $12.36 a share, well above the per-share loss of $3.59 that it notched last year.

$Signet Jewelers Ltd(SIG.US)$

Signet stock (SIG) has surged 180% year to date, coming in third. The company has delivered a string of upbeat earnings reports, and its CEO is confident that new initiatives -- such as jewelry rentals and improved omnichannel capabilities -- will help further fuel the rally. The stock also got an upgrade earlier this month.

Consensus estimates call for Signet's earnings per share to more than triple this year, to $7.09. Still there's only one bull on the Street; three analyst rate it at Hold or the equivalent and two are bearish. The average price target is $71.20, below $76.37.

$At Home Group Inc.(HOME.US)$

At Home stock (HOME) jumped 138% in the first half of 2021, with plenty of investors seeing further gains ahead. The retailer continues to ride the wave of demand for home furnishings: Sales have been rising amid a hot market for housing and home remodeling.

However, uncertainty surrounds the stock. A proposed $2.8 billion deal to take the company private came under fire from At Home's biggest shareholder, which rejected an amended offer earlier this month.

The takeover offer is likely a major reason that all but one of the 11 analysts covering the stock are on the sidelines. The average analyst price target of $35.38 is closely tracking the stock's current price, according to FactSet. Analysts are forecasting full-year earnings of $2.01 a share, a dip from $2.68 a share last year, but still well above pre-2020 levels.

$Revolve Group Inc(RVLV.US)$

Revolve (RVLV) rounds out our list of retailers, rising 125% year to date. Although the stay home protocal's lack of social and work gatherings hurt the online retailer, its shares have come roaring back. Barron's recently noted that it looks poised to be a big beneficiary of the continuing reopening trade.

Revolve is the clear analyst favorite -- a little over three-quarters of the 17 analysts who cover the stock are bullish, while the remainder rate it at Hold or the equivalent. There are no bearish calls on the shares. The average analyst price target is $59.75, about $10 below where the stock currently trades. Consensus calls for per-share earnings of 84 cents this year, up from 79 cents last year.

What's Next

So, will the back half of 2021 be as successful for these stocks? Some concerns about the Delta variant may be a factor to watch out for, although initial evidence seems to support strong protections for those Americans that are already vaccinated. Perhaps a more influential force may be how much steam the meme trade can sustain.

Write to Teresa Rivas at teresa.rivas@barrons.com