Macy’s (M) reported mixed first-quarter results on Wednesday. The department store chain earned $0.60 a share, beating by a penny, but revenue fell to $6.28 billion, missing expectations of $6.46 billion. The company reaffirmed its full-year guidance and said its same-store sales were down 1.6% in the first quarter, but for the full year it expects comparable-store sales to increase by 2.5% to 3%. The company also raised its dividend and increased its buyback by $1.5 billion.

Yahoo Finance Editor-in-Chief Aaron Task said Macy’s results makes one wonder about the state of the consumer and whether they can continue to build momentum.

Task also said Macy’s mixed earnings are also not encouraging for Wal-Mart (WMT), which is set to report first-quarter earnings before the market opens on Thursday. He said Wal-Mart numbers will give a better sense of how consumers are spending their money, given how big the retailer is and how many people shop there. Analysts’ estimates are for the retailer to earn $1.15 a share. Revenue is expected to be $116.3 billion, compared to $114.2 billion from the same period a year ago.

J.C. Penney (JCP) also reports on Thursday after the close. The struggling retailer is expected to report a loss of $1.25 a share.