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Nike will report earnings after the bell. Here's what Wall Street expects

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Nike will report its first quarterly earnings since its new CEO, Elliott Hill, took the helm of the company in October.

Analysts are expecting earnings per share of 64 cents on revenue of $12.18 billion, according to LSEG.Analysts are expecting sales to drop more than 9% from the year-ago period and profits to plunge by about 38%.

The dismal outlook comes as Nike works to turn around its business and fix its product assortment by pulling back on three of its key franchises: Air Force 1s, Dunks and Air Jordan 1s. Those stylesunder former CEO John Donahoe, but then became so commonplace that they lost their cool factor. Now Nike is trying to cut back supply.Nike has warned that strategy will pressure sales in the short term.

Foot Locker's dismal quarter was a warning sign for Nike and a clue that investors may need to be patient as they wait for the sneaker giant to turn its business around. When Nike reports earnings Thursday, Hill will have been in the new role for just over two months, and it's going to take time to see the effects of strategy changes.

Shares of Nike were down about 27% in 2024 as of Wednesday afternoon, compared with a roughly 27% gain for the S&P 500.Crime and Courts

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