Piper Jaffray analyst Erinn Murphy believes Macy's (NYSE: M) earnings report is negative for Fossil Group (NASDAQ: FOSL) and Michael Kors (NYSE: KORS) but positive for G-III Apparel Group (NASDAQ: GIII) (dress commentary), Steven Madden (NASDAQ: SHOO) (footwear commentary) and Finish Line (NASDAQ: FINL), Nike (NYSE: NKE), Under Armour (NYSE: UA (active/athletic commentary).

Murphy commented, "Active, dresses, shoes, fragrances and beauty were called out as strong categories, while fashion jewelery and watches were cited as weaker. Importantly, handbags were not called out as a "strong performing category" for the first time in at least nine quarters."