As Black Friday looms, one analyst said he expects the holiday shopping kickoff to be "good, not great."
Scott Tuhy, senior credit officer at Moody's, told CNBC's "Squawk on the Street" that he's concerned about the level of inventory he's seeing in the apparel channel.
"I think it's going to be a great time to be a consumer but I'm not sure that's going to be so great for earnings, particularly in the apparel space," he said Wednesday.
But Tuhy added that there could be some pockets of strength in the off-price channel.
"These companies can really benefit from the inventory overhangs that we've seen and the value that they offer consumers," he said.