Tiffany—a luxury retailer that also reports Wednesday—has struggled in recent months. Its stock has fallen nearly 20 percent this year.
While he acknowledged that Tiffany's results "are not going to be good," trader Tim Seymour said its stock was nearing a floor. He contended that shares would bottom out at $84, about a dollar lower than where they closed Tuesday.
Seymour said he would put more emphasis on Tiffany's guidance than its first-quarter numbers.
Retailer Michael Kors has also taken a hit recently. Shares have fallen more than 19 percent this year.
The stock closed more than 2 percent lower Tuesday ahead of Wednesday's earnings report. Trader Karen Finerman—who has a long stake in Michael Kors—said it has traded like it's "broken."
"I don't think it's a broken company," she said.
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Finerman added that expectations have recently fallen for the retailer, but it seems to have a "great balance sheet."
Tim Seymour is long AAPL, T, BAC, C, DIS, EUO, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX and YHOO.
Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP and PFE. He is long calls AAL, AAPL, BBY, BMY, COP, EEM, F, GE, GS, IMAX, LEN, MT, NEE, PFE, SYY, TEVA, TJX, UAL, UPS, VZ, WSM and XLF.
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, LYV, M, KORS, SUNE, URI, XBI, GPS puts and S&P puts. Her firm is short IWM, SPY and MDY. Karen Finerman is on the board of GrafTech International.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.