Kohl's, J.C.Penney, and Gap may be among the retailers hardest hit by the cold snap, Walsh said. These retailers have more than 22 percent of their business in the Northeast.
(Read More: Retail Goes Shopping Through Big Data)
Merchant Forecast, which provides financial research for institutional investors, hedge funds and mutual funds, is seeing a similar trend. It finds the cooler than usual temperatures are affecting both apparel and footwear sales.
Its weekly survey, conducted by a team sent out to shopping malls across the country, revealed the Northeast was the weakest region for retail sales in the week ended April 20.
At that point, the survey found the level of sales discounts at a level of "borderline panic." Some of the more aggressive sales were at Ann Taylor, Francesca's Collections and Sears, the researcher said.
"It is our opinion that the window has been shut on most retailers' ability to do full-priced spring apparel business. We will still have pressure on the margins even if the weather turns," said Dan Hess, Merchant Forecast founder & CEO.
(Read More: Prolonged Winter Puts Retail Sales in Deep Freeze)
He added these promotions won't just cover the Northeast. Even consumers who live in parts of the country with more seasonal temperatures will see prices slashed too.
But, unlike Walsh, Hess doesn't think analysts and investors will get too spooked if first-quarter retail earnings fail to impress. He said the poorer numbers could be forgiven if retailers offer a better second-quarter outlook.
While investors may want to reassess their exposure to retail names, consumers may want to chill out—as many retailers cut prices further over the next few weeks.