April comps will reap the benefits of Easter holiday sales. But as usually is the case with March and April, it's best to view the two months on a combined basis. Retailers find themselves against a stiff 7.1 percent gain a year ago,

By and large, retailers kept inventories tight and gift card redemptions also boosted sales.

Given that Super Bowl is scheduled one week later this year, discounters that have significant food and beverage sales may see some sales transferred out of January into February.

All groups showed comparable sales up over 5 percent for the month, ... The economy is certainly an element of the upside surprises. We saw back-to-back quarters of GDP growth. People also anticipate a significant amount of fiscal spending particularly in an election year. This bodes well for consumer sentiment.

On the economic front, there haven't been significant improvements in jobs and wage growth, and the comparable sales comparisons are only getting tougher, ... It sounds reasonable to expect big discounts this year. The macro factors would suggest it.

Holiday sales are not meeting expectations. For the December quarter, it is likely the industry will be down double digits on a percentage basis.