Nike will report fiscal first-quarter earnings after the bell Tuesday, and analysts are projecting sales and profits to decline year-over-year.

After a months-long consumer flight from new sneakers and new clothing, Nike Inc. is bringing in a new chief executive. Investors liked the news. But analysts say there’s still lots of work ahead for the company.

Nike reports their fiscal Q1 ’25 after the market closes on October 1. Sell-side consensus is expecting $0.52 in EPS and roughly $878 million in operating income on $11.6 billion in revenue.