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.

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,

Profits are on the rebound but is it sustainable? Given the extent of the previous bubble in tech, the recovery should be slower. There's a whiff of a pickup in business spending but not enough to hang your hat on just yet.