Stocks soared last week, as both the Dow Jones Industrial Average (^DJI 0.47%) and the S&P 500 (^GSPC -0.40%) bounced off their lows to gain roughly 6%. Investors became a bit less pessimistic ahead of the upcoming flood of Q2 earnings reports.

There are several consumer-facing companies set to make those announcements over the next few trading days. Let's look at a few metrics that should stand out in reports on the way from Nike (NKE -0.02%), McCormick (MKC 1.30%), and Constellation Brands (STZ 1.43%).

1. Nike's inventory

Investors have some big questions heading into Nike's fiscal fourth-quarter earnings release on Monday. The footwear giant disappointed Wall Street in its last outing, with revenue rising just 5%. But that sluggish increase was driven by mixed results in its different selling geographies. The U.S. market expanded at a solid 9% clip while China fell 5%. We'll learn this week whether Nike is getting a more balanced performance as COVID-19 lockdowns are lifted in China.

Investors are worried that Nike might continue losing ground to Lululemon Athletica (LULU 0.96%), which recently announced another big sales spike. Both companies are also facing potential inventory risks as consumer spending patterns shift.

Nike's risk might be greater, as more of its products have a seasonal focus. That's a key reason investors will be watching the footwear giant's inventory levels on Monday for signs that price cuts will be needed to keep merchandise moving through its supply chain.

2. McCormick's profit margin

McCormick steps up to the earnings plate on Wednesday, and there's no shortage of worries heading into that report. The spice and flavorings giant has seen solid growth even compared to earlier phases of the pandemic, when most consumers were cooking at home. The return to restaurant dining didn't stall sales, which rose 4% last quarter on top of a 20% boost a year earlier.

This week's report should show decelerating growth, with revenue rising to about $1.62 billion, compared to $1.57 billion last year. Beyond that short-term headline result, investors should watch for continued market share gains and a better balance between McCormick's consumer division, which caters to home chefs, and its business segment that serves restaurants and cafeterias.

As for the outlook, keep an eye on any changes to the food company's earnings forecast. That prediction calls for operating profit to rise by as much as 10% in 2022, but it could receive a downgrade this week if consumers are balking at price increases.

3. Constellation Brands' beer sales

Constellation Brands' stock has performed well over the past year, in part because investors are excited about improving results on the way. Those expectations will be tested when the alcoholic-beverage giant reports its fiscal Q1 results on Thursday.

The beer division is likely to impress again, as it has for several years thanks to robust demand for premium imported brands like Corona and Modelo. These gains will be tempered, though, by the wine and spirits division that is still being pressured by a restructuring pivot.

Zooming out a bit, watch Constellation Brands' cash flow trends. Free cash flow hit $1.7 billion last year, helping persuade management to invest aggressively in areas like the brewery network. That spending spree might hurt earnings in 2022, but it is laying the groundwork for market-beating growth and profit margins over the next several years.