Retail income and consumer spending

Investors will get to learn more about the pandemic's ongoing impact on the consumer economy as retailers prepare to issue quarterly earnings reports, CNBC's Jim Cramer said Friday.

The industry will have its time in the spotlight on Wall Street after the Commerce Department on Friday said that retail sales were unchanged in the month of April coming off a 10.7% increase in March.

"Next week's about the consumer spending, whether at home, outside, or in the mall," the "Mad Money" host said. "Before you bet on which retailer's doing the best, you need to account where their stocks are coming from, because some of them have run too much while others still have room to play catch up."

Cramer gave his game plan for the week ahead. Earnings-per-share projections are based on FactSet estimates:

Monday: Lordstown Motor, Fisker earnings

Lordstown Motor

Q1 2021 earnings release: before market; conference call: 10 a.m.

Projected losses per share: 28 cents

Projected revenue: $0

"Lordstown's a former market darling that was trading at $31 less than four months ago, but management had been excessively promotional when touting their preorder numbers," Cramer said, "and since then the stock has plunged to $7."

Fisker

Q1 2021 earnings release: after market; conference call: 5 p.m.

Projected losses per share: 19 cents

Projected revenue: $0

"I think they'll have a better story to tell about their electric SUV, the Ocean, though I don't know if it's going to matter," he said.

Tuesday: Walmart, Home Depot, Macy's, Take-Two Interactive earnings

Walmart

Q1 2022 earnings release: 7 a.m.; conference call: 8 a.m.

Projected EPS: $1.21

Projected revenue: $132.16 billion

"There's been a lot of chatter that the company's doing well, but e-commerce execution has fallen hopelessly behind Amazon," Cramer said. "I've gotta tell you, I haven't been able to confirm that grim outlook and I remain convinced that Walmart's worth owning."

Home Depot

Q1 2021 earnings release: 6 a.m.; conference call: 9 a.m.

Projected EPS: $3.08

Projected revenue: $34.75 billion

"This may be the most successful do-it-yourself renovation and gardening season in ages," he said. "Home Depot has a nasty habit of having its stock run into the quarter, so if it has a good day Monday, the stock might sell off after the quarter and that's your chance to pounce."

Macy's

Q1 2021 earnings release: before market; conference call: 8 a.m.

Projected losses per share: 39 cents

Projected revenue: $4.36 billion

"I fear that much of whatever gain it might have has been stolen by today's 14% advance," Cramer said. "I expect still one more slightly better-than-expected set of numbers, with a positive undertone."

Take-Two Interactive

Q4 2021 earnings release: after market; conference call: 4:30 p.m.

Projected EPS: 68 cents

Projected revenue: $661 million

"The stock's fallen nearly 50 points from where it was trading just before it reported a pretty good quarter last time. I think it can run here," the host said.

Wednesday: Lowe's, Target, TJX, Analog Devices, Cisco earnings

Lowe's

Q1 2021 earnings release: before market; conference call: 9 a.m.

Projected EPS: $2.60

Projected revenue: $23.73 billion

"I think a rejuvenated Lowe's, under the leadership of [CEO] Marvin Ellison, is taking share from Home Depot," Cramer said.

Target

Q1 2021 earnings release: before market; conference call: 8 a.m.

Projected EPS: $2.18

Projected revenue: $21.61 billion

"Target can't stop putting up good numbers after reasserting itself as the dominant fun discounter," he said.

TJX

Q1 2022 earnings release: 9:30 a.m.; conference call: 11 a.m.

Projected EPS: 30 cents

Projected revenue: $8.59 billion

"TJX quietly makes great money and this time should be no different," the host said.

Analog Devices