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Collective Brands (NYSE: PSS), a footwear retailer that competes with companies such as Wal-Mart (NYSE: WMT) and Kohl's (NYSE: KSS), issued Q1 results on Wednesday after the bell. The business earned 59 cents per diluted share. That represented a decline over last year's results which, on an adjusted basis, calculated out to 66 cents per share.

That's not the only disappointing news. You also have a sales decline, impacted by currency effects (of course), as well as the expiration of a license related to the Tommy Hilfiger brand. Also, same-store sales dipped by 4.8% on a reported basis, and 3.2% after the exclusion of currency translation. As can be seen, you can look at same-store sales any way you'd like, but in the end, they went down, and that is never healthy for a retailer. A retailer always wants to see rising comps.

• Deutsche Bank upgraded Portland General Electric (NYSE: POR) to Buy from Hold on valuation as it finds the risk/reward on shares attractive at current levels. The firm raised its target price to $22 from $20.
  
• FBR Capital upgraded Abercrombie & Fitch (NYSE: ANF) to Outperform from Market Perform after channel checks indicated recent sales are driving increased traffic and easing market share losses. The firm raised its target price on shares to $37 from $21.
• Barclays upgraded Yahoo (NASDAQ: YHOO) to Overweight from Equal Weight as it believes the company is well positioned for a rebound in advertising and that the valuation is compelling at current levels. The firm raised its target on shares to $20 from $15.
• Kohl's (NYSE: KSS) was raised to Overweight from Market Weight at Thomas Weisel.
  
• U.S. Steel (NYSE: X) and CB Richard Ellis (NYSE: CBG) were upgraded at Goldman to Neutral from Sell.
  
• Dolby Laboratories (NYSE: DLB) was upgraded at JP Morgan to Overweight from Neutral.

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

• Abercrombie & Fitch Co. (NYSE: ANF) reported dismal Q1 numbers as same-store sales plunged.
• Applied Materials Inc. (NASDAQ: AMAT) dismal Q2 results were in line with analysts' expectations.
• Bankrate Inc. (NASDAQ: RATE) reported lower earnings and revenue for Q1 and offered no guidance.
• Blockbuster Inc. (NYSE: BBI) earnings, revenue, and same-store sales all fell in the first quarter.
• Dr Pepper Snapple Group (NYSE: DPS) Q1 earnings declined but still topped analysts' expectations.

JCPenney (NYSE: JCP), whose colleagues at the mall include Gap (NYSE: GPS), Abercrombie & Fitch (NYSE: ANF), and Kohl's (NYSE: KSS), brought out its Q1 earnings report from the backroom on Friday. I can't call the numbers great by any stretch of the imagination. But the stock is up slightly as I write this, so I guess the market didn't have a hard time with them.

Net sales declined a little under 6%. Net income came in at $0.11 per share. This represented an enormous drop compared to last year's performance of $0.54 per share. There was, however, a tax/pension issue going on that amounted to $0.32 per share. Still, according to this source, JCPenney beat expectations by a penny. Another source I checked said that the retailer met expectations. Either way, I think you can qualify the quarter as basically in-line.

Kohl's Corporation (NYSE: KSS) reported a not-so-impressive first quarter. It wasn't the worst I've ever seen, but I've seen better, certainly. Net sales were basically flat, and earnings per share dropped four pennies to $0.45.

Yes, that number did beat estimates by the proverbial penny, but the big problem I have with the quarter is the same-store sales performance. Kohl's saw a decline of 4.2% in comps. What does that mean? It means the retailer needs to do a lot of work in terms of attracting customers to its stores. Yes, the recession is a huge problem, and people are turned off by the idea of spending a lot of money on anything. Still, Kohl's must do a better job when it comes to getting people through its doors.

• Keefe Bruyette upgraded AmeriCredit (NYSE: ACF) to Market Perform from Underperform as it believes the company's warehouse facility amendments substantially reduce the risk of bankruptcy in the near term. The firm has a $6 target on the stock.
  
• Thomas Weisel upgraded Suntech (NYSE: STP) to Market Weight from Underweight on valuation following the recent weakness. The firm has a $6 target on the stock.
  
• Banc of America/Merrill upgraded Kohl's (NYSE: KSS) to Buy from Neutral on valuation following the recent weakness and believes the company's guidance is achievable.
• Dr. Pepper Snapple (NYSE: DPS) was upgraded to Buy from Neutral at Goldman.
  
• Digital River (NYSE: DRIV) was raised to Buy from Hold at Deutsche Bank.
  
• Clorox (NYSE: CLX) was upgraded at Barclays to Equal Weight from Underweight.

It is tough to be a retailer in this climate. It's especially tough to be a retailer like J. Crew Group, Inc. (NYSE: JCG). After all, if you're a Wal-Mart Stores, Inc. (NYSE: WMT) or a Family Dollar Stores (NYSE: FDO), at least you can entice consumers with your low prices, and at least you stock things that people need. Not so with J. Crew. It's a fashion retailer that you don't have to visit during the recession. Apparently, many people indeed haven't been visiting lately. That's why shareholders will most likely be nervous when fourth-quarter numbers are issued after the bell on Tuesday, March 10.

According to this source, J. Crew should report an earnings loss of $0.27 per share. How ugly! This compares to a profit of $0.41 per share in the year-ago period. I expect to hear the same stuff that we've been hearing from retailers such as Urban Outfitters (NASDAQ: URBN) and Kohl's (NYSE: KSS): things are tough, the rest of the year is going to be a huge challenge, we're doing everything we can to navigate the business through the treacherous times, etc. Such rhetoric probably won't be comforting to shareholders, especially considering that J. Crew's stock isn't too far from a 52-week low.

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

• Campbell Soup Co. (NYSE: CPB) reported solid Q2 numbers despite competition from store brands.
• DreamWorks Animation SKG Inc. (NYSE: DWA) missed Q4 expectations, sending shares lower.
• First Solar Inc. (NASDAQ: FSLR) said Q4 profit more than doubled due to strong demand.
• Garmin Ltd. (NASDAQ: GRMN) posted a lower-than-expected profit on soft sales and lower margins.
• Heidrick & Struggles International Inc. (NASDAQ: HSII) earnings and revenue declined in Q4.
• Home Depot Inc. (NYSE: HD) earnings beat low expectations even as revenue continued to decline.

Kohl's (NYSE: KSS) delivered its Q4 report on Thursday after the bell. As bad as the retail sector is, the company actually managed to beat expectations. The call was for $1.03 per share according to Reuters Estimates. The retailer managed to beat by seven pennies with $1.10 per share.

Should we be impressed? I don't think so. First, the bottom line dropped by 16%. Net sales retreated by well over 4%. And same-store sales? Ugh! They declined by over 9%. It's the comps that really tell the tale in retail, and while many people argue over the exact value of this metric for shareholders. I'd say that, in this case, Kohl's weak comps are predicting a tough year.

• RW Baird upgraded LHC Group (NASDAQ: LHCG) to Outperform from Neutral based on valuation and expectations for raised 2009 guidance. The firm has a $36 target on the stock.
  
• Deutsche Bank upgraded Swiss Reinsurance (OTC: SWCEY) to Buy from Hold following the CEO change as the firm views it as a positive move.
  
• Wachovia upgraded DuPont Fabros (NYSE: DFT) to Outperform from Market Perform because it thinks the company has taken major measures to mitigate its liquidity risk by obtaining additional debt. The firm also notes that the company signed several new leases.
• Goldman added Air Products (NYSE: APD) and Burger King (NYSE: BKC) to the Conviction Buy List.
  
• MSC Industrial (NYSE: MSM) was upgraded to Outperform from Market Perform at William Blair.
  
• Northrop Grumman (NYSE: NOC) was raised to Outperform from Market Perform at Bernstein.

TJX Companies (NYSE: TJX) is scheduled to report Q4 EPS on February 25. TJX closed at $21.83. TJX February option implied volatility is at 61, March is at 56; above its 26-week average of 52, according to Track Data, suggesting larger price movement.

Kohl's (NYSE: KSS) closed at $37.93. KSS is expected to report Q4 EPS on February 26. Goldman Sachs downgraded KSS to Sell. KSS March option implied volatility of 63 is near its 26-week average, according to Track Data, suggesting non-directional price movement.