On Wednesday, department store Macy's, Inc. (NYSE: M) missed expectations for the second quarter and reported earnings of $281 million, or 72 cents a share, compared with earnings of $279 million, or 67 cents a share, in the year-ago period.

“I’m not too concerned with it because quite frankly I think people are saving up for back to school, and holiday sales at the end of the year where I think you will see the consumer come back,” said Jason A. Weisberg of Seaport Securities from the floor of the New York Stock Exchange (NYSE).

“It might have been light this go around for Macy’s, it’s very easy to blame the consumer, but maybe that has to do with inventory control,” Weisberg added.

Macy’s cut its forecast for earnings this year and blamed the unexpected fall in sales on middle-income shopper’s reluctance to spend on non-essentials.

On Thursday, investors will look to more quarterly earnings reports from retailers Wal-Mart Stores Inc. (WMT), Kohl's Corporation (KSS) and Nordstrom Inc. (JWN).

“I think the middle income consumer is probably not working with as much discretionary income as obviously the higher tier stores,” said Weisberg. “That being said, I think that if they manage their inventories properly, sales shouldn’t be too disappointing. This should have been expected with sequestration and less money to go around. Again, back to school and holiday sales are where most retailers are focused.”

Shares of Macy's, Inc. (NYSE: M) closed Wednesday’s session down 4.47 percent to $46.33.