Slump Won't Dent Back-to-School Sales

Driscoll says Best Buy(BBY Quote) will likely benefit from electronics purchases during the season. She also expects strong sales from J.C. Penney(JCP Quote), although most of the shopping will likely be done by mothers for their children.

Meanwhile, the usual beneficiaries of back-to-school shopping that have been hit by the housing slump, such as Staples(SPLS Quote) and Bed Bath & Beyond(BBBY Quote), will be looking for a much-needed lift during the season.

But although retailers lean heavily on the back-to-school season, the end-of-the-year holidays still outrank it in terms of sales.

"We do not view it as critical to the success of the year, as investors typically become more interested in retail stocks leading up to the holiday season," Driscoll says. "We think this explains the relatively lackluster performance of retail stocks in July and August."