Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) beat earnings expectations but revenue was hurt by currency effects.
• Bed Bath & Beyond Inc. (NASDAQ: BBBY) strong Q1 results beat estimates but same-store sales fell.
• CKE Restaurants Inc. (NYSE: CKR) lower Q1 earnings and strong sales both topped expectations.
• ConAgra Foods Inc. (NYSE: CAG) higher Q4 earnings were in line with expectations, and shares slipped.
• Darden Restaurants Inc. (NYSE: DRI) Q4 results were higher, but it warned of continuing challenges.
• Hennes & Mauritz (OTC: HMRZF) reported strong Q2 numbers, though same-stores sales slipped.

Rite Aid (NYSE: RAD), which competes with Walgreen (NYSE: WAG), CVS Caremark (NYSE: CVS), and Wal-Mart (NYSE: WMT), saw a big increase in volume on Wednesday after it reported earnings for the first quarter. In fact, as Douglas McIntyre observed, shares of Rite Aid were up 5% at one point during yesterday's session. However, the shares ended up losing their green status by the close of trading. Rite Aid actually lost 3% when all was said and done. What does it all mean?

Well, Rite Aid did beat analyst forecasts by a wide margin. The call was for a loss of 13 cents per share. Rite Aid lost only 6 cents per share once adjustments are made. Revenues dipped a little over 1%, and same-store sales, after excluding the effect of the Brooks Eckerd acquisition, increased 1.5%. Interestingly, the mix of this increase is as follows: the pharmacy sales went up 3.1% on a comparable basis, and the non-pharmacy sales went down 1.4% on the same basis.

This week brings a small flurry of end-of-the-calendar-quarter earnings reports. And for the most part, the expectations of the analysts surveyed by Thomson Reuters aren't very high. Companies expected to report declining earnings in the most recently concluded quarter include America's Car-Mart Inc. (NASDAQ: CRMT), Bed Bath & Beyond Inc. (NASDAQ: BBBY), ConAgra Foods Inc. (NYSE: CAG), Jabil Circuit Inc. (NYSE: JBL), Jackson Hewitt Tax Service Inc. (NYSE: JTX), Monsanto Co. (NYSE: MON), and Sonic Corp. (NASDAQ: SONC).

Walgreen (NYSE: WAG), a drugstore business that competes with CVS Caremark (NYSE: CVS) and Rite-Aid (NYSE: RAD), will be issuing results for the third quarter on Monday, June 22. According to Earnings.com, the analyst community is prescribing $0.56 per share for the company.

Of course, the question is: will Walgreen honor that prescription and fill it? I'd say it's quite possible. Last time around, Walgreen beat estimates. The call was for $0.66 per share in Q2. If you look at the press release from that time, you'll see that, once you adjust for some items, Walgreen went beyond expectations.

Rite Aid (NYSE: RAD), whose competitors include Walgreen (NYSE: WAG), CVS Caremark (NYSE: CVS), and Wal-Mart (NYSE: WMT), reported Q4 numbers today, and when you read through the release, you sort of come away with a decent feeling. You hear about improvements in this metric and that metric. You wonder if a turnaround might be in the offing. Then you look at the stock price and, even though it is currently being bid higher (it's up over 14% as I write), you come back down to earth and reality hits you in the face. Anything trading under a buck has to give you pause. Rite Aid is no different.

For the quarter, Rite Aid posted a 1.7% decrease in the top line. On an adjusted basis, the drugstore chain reported a loss of $0.14 per share. According to this source, Wall Street thought Rite Aid might lose $0.105 per share. The company is still adjusting to the Brooks Eckerd acquisition. Excluding that effect, same-store sales increased 0.8%. Including the asset, comps decreased 0.1%.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) said revenues and bookings both declined in the most recent quarter.
• Best Buy Co. Inc. (NYSE: BBY) reported strong Q4 results in the wake of Circuit City's demise.
• Carnival Corp. (NYSE: CCL) sailed past analysts' Q1 projections, sending shares higher.
• ConAgra Foods Inc. (NYSE: CAG) Q3 results topped analysts expectations and drove shares higher.
• DryShips Inc. (NASDAQ: DRYS) swung to a larger-than-expected Q4 loss and revenue slipped.
• DSW Inc. (NYSE: DSW) reported a bigger-than-expected Q4 loss as same-store sales declined.

As the calendar quarter winds down, let's take look at some of this coming week's biggest expected earnings gainers.

Analysts surveyed by Thomson Reuters expect Memphis-based Fred's Inc. (NASDAQ: FRED) to report fourth-quarter earnings of $0.22 per share, 36.4% higher than a year ago, and revenue of $472.5 million, down 4.4%. For the full year, the forecast is for a profit of $0.66 per share on revenue of $1.8 billion, compared to $0.52 per share and $1.8 billion in the previous year. The discount retailer beat or met earnings estimates in the past three quarters. The long-term EPS growth forecast is 14.0%, which is better than the industry average and that of larger rival Walmart Stores Inc. (NYSE: WMT), and the forward PE ratio estimate is 15.0. In the third quarter, the company had more cash than debt. The consensus recommendation of analysts is to buy FRED. The share price has risen 2.7% since the beginning of the year to $11.05.

Among all the negative economic data that came out last week was a positive surprise: retail sales were higher in January. A fluke or a glimmer at the end of the tunnel? That may depend on whether we see any positive surprises arising from items on this week's economic calendar:

• Consumer Analyst Group of New York Conference: Monday through Friday
• NY Empire Manufacturing Index (Feb. 2009): Tuesday, 8:30 AM
• NAHB Housing Market Index (Feb. 2009): Tuesday, 1:00 PM
• Fed's Bullard speaks before National Association of Business Economists: Tuesday, 1:00 PM
• Housing starts (Jan. 2009): Wednesday, 8:30 AM
• Fed's Pianalto speaks before Commercial Developers Power Breakfast: Wednesday, 9:00 AM
• Industrial production (Jan. 2009): Wednesday, 9:15 AM
• Fed's Bernanke speaks before National Press Club Luncheon: Wednesday, 12:30 PM

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) reported strong Q1 numbers as its clients sought ways to cut costs.
• Best Buy Inc. (NYSE: BBY) may interest short sellers despite its earnings prospects for 2009.
• International Paper Co. (NYSE: IP) to shed dead wood to reduce the impact of the recession on earnings.
• Manpower Inc. (NYSE: MAN) withdrew Q4 profit and revenue guidance, sending shares lower.
• Textron Inc. (NYSE: TXT) lowered its Q4 earnings forecast to well below analysts' estimates.
• Toyota Motor Corp. (NYSE: TM) forecast its first-ever loss for the fiscal year on lower demand/higher yen.
• Walgreen Co. (NYSE: WAG) missed Q1 expectations and announced cost cutting and store redesign.

Also, bank earnings will be hit next by cancelled M&A deals.

Earnings releases scheduled for early January include Navistar (NYSE: NAV), Bed Bath & Beyond (NASDAQ: BBBY), Constellation Brands (NYSE: STZ), Family Dollar (NYSE: FDO), and Monsanto (NYSE: MON).

Visit AOL Money & Finance for more earnings coverage.

There's not a whole lot on the economic calendar this coming week, as Thursday is Christmas day. But things are not entirely silent either.

As this is Christmas card season, it's somehow appropriate that American Greetings Corp. (NYSE: AM) is scheduled to report fiscal third-quarter results. Analysts surveyed by Thomson Reuters expect the nation's number two producer of greeting cards to report earnings of $0.52 per share, essentially the same as a year ago. Estimated revenue for the quarter is $474.5 million, down 2.3% from a year ago. American Greetings missed analysts' estimates in three of the past four quarters -- by 55.4% in the first quarter. After falling to a multiyear low of $7.85 per share in late November, the price closed Friday at $9.92. But the share price is 53.8% lower than a year ago.

Drugstore chain Walgreen Co. (NYSE: WAG), where one may find American Greetings cards, is expected to also report earnings the same as a year ago, or $0.46 per share, on revenue of $15.1 billion (+7.5%). Walgreen reported a modest increase in sales in October and again in November. The company only missed profit estimates in one of the past four quarters, and that by only a penny. The consensus recommendation remains to buy WAG, which has a long-term EPS growth rate forecast of 12.5%, better than the S&P 500 but less than that of rival CVS Caremark Corp. (NYSE: CVS). Walgreen's share price has been creeping upward since reaching a multiyear low of $21.28 in October and closed Friday at $26.08. (For more on Walgreen, see Steven Mallas's earnings preview.)

Walgreen (NYSE: WAG), a major drugstore chain whose enemies include CVS Caremark (NYSE: CVS) and Rite-Aid (NYSE: RAD), is getting ready to report earnings for its first fiscal quarter on Monday, December 22. It's Christmas week. Will Walgreen bestow a gift of an earnings beat upon the market?

One thing's for sure: the market does not expect much from the drugstore. Wall Street expects flat performance in Q1. The bottom line should come in somewhere around $0.46 per share, the exact same amount that was booked last year. You know, you figure the company should be able to at least match expectations when the bar is set so low. But it might be tough. We all need access to prescriptions and over-the-counter medications every now and then, and on top of that, many people obviously require long-term drug regimens. So, we can see that the pharmacy part of the equation is somewhat resistant to recession. However, there isn't a pressing need for all the non-pharmacy items in a Walgreen location. You don't need to buy any of those cheap plastic toys, any of those blenders that don't work too well, any of the overpriced groceries, etc. This is where Walgreen has exposure to the weakening consumer. Indeed, the consumer is becoming more and more of a value Grinch as time goes on. People just don't want to pay any more than they have to.

Rite-Aid Corporation (NYSE: RAD) is the drugstore you should avoid. You can consider CVS Caremark (NYSE: CVS). You can take a look at Walgreen Company (NYSE: WAG). Rite-Aid? It's definitely not the cure for an ailing portfolio.

The troubled pharmacy chain is no stranger to losses and its public stock sits well below a buck a share. The third quarter numbers don't look too appealing. On an adjusted basis, Rite-Aid lost $0.15 per share. That may have been better than what analysts were calling for, namely a loss of $0.17 per share, but you have to look at the overall picture. Rite-Aid is closing stores, and that will hamper sales going forward (not to mention its brand equity, as well). Some will argue that it's all part of the turnaround. Sure, turnarounds can be ugly and painful, granted, but that doesn't mean you have to participate, hoping for the best. Why hop on this low-priced equity when integration of the Brooks Eckerd assets doesn't seem to be going very well?

According to the press release, there are a few positive statistics. Management says that overall same-store sales were up 1.4%, EBITDA increased over 8%, and operational cash flow was positive over the last three quarters (by comparison, cash was used for operations in the year-ago similar period). But the guidance isn't good, and I have no confidence in this management team to improve its GAAP performance. The company has to juice its sales, but with competition from stronger foes like CVS Caremark and Walgreen, I just don't see any silver lining to the Rite-Aid story. Turnaround specialists can make whatever argument they want. As for me, I'm going to make like the galaxy in Star Wars and stay far, far away from Rite-Aid's stock...

Disclosure: I don't own any company mentioned; positions can change at any time.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Apple Inc. (NASDAQ: AAPL) earnings prospects may suffer if holiday sales are poor.
• Circuit City Stores Inc. (NASDAQ: CC) disappointing results were followed by a restructuring announcement.
• Conexant Systems Inc. (NASDAQ: CNXT) raised its guidance, send shares up sharply.
• Constellation Brands Inc. (NYSE: STZ) posted a Q2 loss due in part to restructuring Australian operations.
• Con-Way Inc. (NYSE: CNW) reduced Q3 guidance resulted in an analyst downgrade.
• Family Dollar Stores Inc. (NYSE: FDO) reported better-than-expected Q4 earnings, sending shares higher.
• Intel Corp. (NASDAQ: INTC) Q3 earnings prospects led to an analyst's upgrade.
• International Business Machines Corp. (NYSE: IBM) fell on rumors it would miss earnings estimates.
• Marriott International Inc. (NYSE: MAR) Q3 profits fell and it warned of challenges through 2009.
• Mosaic Co. (NYSE: MOS) fell short of expectations and warned of a production slowdown.
• Nabors Industrial Ltd. (NYSE: NBR) warning about earnings led shares near a new low.
• Pepsi Bottling Group Inc. (NYSE: PBG) beat Q3 expectations despite struggling with economic woes.
• Philips Electronics (NYSE: PHG) earnings prospects led to an analyst's downgrade.
• UBS (NYSE: UBS) said it expects to return to profitability after four straight quarterly losses.
• Walgreen Co. (NYSE: WAG) Q4 earnings fell short of expectations, though sales increased.

Also, Jim Cramer reminds us that earnings still matter. Changing accounting rules may affect the earnings of big banks.

Upcoming quarterly reports include Alcoa Inc. (NYSE: AA), Safeway Inc. (NYSE: SWY), Yum! Brands Inc. (NYSE: YUM), Costco Wholesale Corp. (NASDAQ: COST), Monsanto Co. (NASDAQ: MON), General Electric Co. (NYSE: GE).

Visit AOL Money & Finance for more earnings coverage.

Walgreen (NYSE: WAG), a drugstore chain which competes with CVS Caremark (NYSE: CVS) and Rite Aid (NYSE: RAD), dropped the ball in the fourth quarter, at least as far as analyst estimates are concerned. On a GAAP basis, Walgreen increased its earnings per share by a nickel, coming in at 45 cents.

That would be pretty cool if there were no adjustments to be made. Unfortunately, there is one. It relates to an adjustment for vacation-time accrual, which added almost $80 million to the bottom line. Take that away, and you get no earnings growth, as earnings per share would have been 40 cents, meaning non-GAAP number missed expectations by 5 cents.

I think Walgreen is a strong brand in its space. However, with the economic meltdown continuing its dire course, I would imagine that the chain is going to become affected by it, strong brand or not. Drug prescriptions certainly might be considered a defensive element in such an environment, but keep in mind that Walgreen doesn't just make its money on prescription sales. It sells a whole host of items in every location. And I'd have to imagine that the consumer is going to be scaling back. Yep, get ready for the good ole negative wealth effect.