"January 2015 month-to-date has been stronger from a traffic perspective vs. Jan. 2014," Chen said. "Additionally, weather disruptions in 2014 in the Midwest were not repeated this year, which could bring further upside to January vs. last year."
Read MoreStorm forecast for business: No big deal
He also pointed out that the timing of the storm will limit the impact of the store closures. That's because January is typically a clearance month, and it only accounts for about 20 percent of the quarter's sales. What's more, the storm hit during the week, when there's less store traffic.
Retailers should also see a halo effect from the temperature plunge that preceded the storm, which caused shoppers to stock up on cold-weather items such as sweaters and outerwear, according to Janney Capital Markets analyst Adrienne Yih-Tennant.
Chen added that the snowstorm will cause some sales to simply shift to the Web. Retailers including Bed Bath & Beyond and DSW played to this trend on Tuesday by promoting their online stores via e-mail marketing.
According to Retail Metrics forecasts, retailers are expected to report their best holiday sales growth in three years during the fourth quarter.