Macy's (M) third-quarter results will let investors see how the company's real estate sales are going as well as where its outlook for the fourth quarter stands.

The Terry Lundgren-led company, which reports results on November 10, has been hit hard by the rise of Amazon (AMZN) , which has exploded in selling clothing, hurting Macy's as a result. Macy's has responded in kind to selling real estate, cutting costs and trying to improve the in-store experience as it tries to survive.

Some of the efforts the company is making are working, with Jefferies analyst Daniel Binder highlighting initiatives like upgrading jewelry, Backstage pilots and others. 

"In the near-term, we favor Macy's given their strategic initiatives (Backstage pilots, Bluemercury, upgraded jewelry, digital/mobile) are showing progress and the company is going up against relatively easy SSS compares (negative 3.9% for 3Q'17, negative 4.8% for 4Q'17) and will be lapping significant gross margin compression in 4Q'17," Binder wrote in a note to clients.

The company has been speeding up its real estate sales, recently selling five stores for $46 million to General Growth Properties (GGP) . TheStreet's Brian Sozzi is calling the recent transactions "bullish," but cautioned that third-quarter figures may be weak and guidance could come in weaker than expected.

Deutsche Bank analyst Paul Trussell, who recently upgraded shares to buy, believes "investors are underestimating the recovery potential" for gross margins and valuation is cheaper than its peers.

These two ETFs may benefit if investors like what Macy's has to say about the past 90 days and its expectations for the holiday shopping season.

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