In a note released today, Bear Stearns retail analyst Dana Telsey says, "With the return of warmer weather, the combination of clearance events and school finally letting out compelled shoppers to hit the stores in search of wear-now apparel." Additionally, home furnishings could also perform well due to continued low interest rates, the note says.

Wachovia Capital Markets says that June sales should improve over May's, due to a declining unemployment rate and a three-year high in consumer confidence during the month. However, the investment bank predicts a tough month for Pier 1 Imports, which it says could see a 5% to 7% June decline.

Warmer weather through much of the country could help lawn and garden sales, says a Piper Jaffray report. The firm sees a 6% jump by Costco, as well as a 4% increase by Big Lots for the month.