Investors have monitored consumer behavior and retailers heavily during earnings season. Some notable brands reporting on Wednesday saw very different results after their quarterly reports.

CNBC's "Fast Money" traders looked at how to play Wednesday's retail developments.

Sportswear retailer Under Armour's stock dropped about 1 percent in extended trading despite reporting quarterly earnings that beat expectations. The company's growth in footwear was impressive, and if the stock falls below its current level of $72 per share, Under Armour could be worth a buy, said trader Dan Nathan.

"I think you're set up for one of these sort of epic breakouts we just saw in Disney," Nathan said.

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Trader Guy Adami agreed that the stock could go much higher than its current levels.

Shares in the lesser-known sports retailer Performance Sports Group, which owns brands like Bauer and Easton, have climbed about 61 percent in the last year. Sitting below $19 per share, that stock has room to go higher, trader Karen Finerman said.

"I like it. I think there's room to run," she said.

Adami echoed the sentiment, adding that he liked the company's growth in hockey.

Shares in the preppy clothier Ralph Lauren plummeted about 18 percent on Wednesday after it reported disappointing quarterly earnings. Its stock fell to about $140 per share.

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Finerman and Adami said they would wait before making any quick decisions on the stock.

Disclosures:

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.

Karen Finerman

Karen Finerman is long BABA, BAC, C, PLCE, CVS, FINL, FL, FRO, GOOG, GOOGL, KORS, M, MTW and NAP. She is short DIA and BABA,. Her firm is long AAPL, BAC, PLCE, C, CMLS, CVS, DIS, DRI, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, MTW, NNA, NAP, PSG, SDRL, SUNE and XBI. Her firm is long calls C, DIS, GPS, JPM, SDRL and SUNE. Her firm is short SPY, USO and IWM. Karen Finerman is on the board of GrafTech International.

Dan Nathan

Dan Nathan is long YUM Feb 72.50/68 put spread, TWTR, TWTR Feb 37.50 puts, BBRY June call spread, XLU March 48 / 44 put spread, QQQ Feb 101/ 95 put spread, XRT March 90/85 put spread and DIS Feb 92.50/87.50 put spread. He is short TWTR June 52.50 calls. Today, he closed AAPL Feb put spreads.

Brian Kelly

Brian Kelly is long BTC=, US dollar, CTRL calls, HYG puts, TWTR call spreads and BBRY call spreads. He is short EWA, EWG, EWQ, EWZ, EWW, Australian dollar, British pound, Canadian dollar and yuan.