Nike's stock is at 9-year lows ahead of earnings. It faces these questions as doubt grows over its turnaround.

By Bill Peters

The sportswear giant has been trying to focus more on the needs of athletes, but analysts say new products aren't catching on

Nike reports quarterly results on Tuesday.

When Nike reports quarterly results on Tuesday, Wall Street will get another look at the sportswear giant's turnaround efforts, as it tries to offer more gear tailored to athletes' specific needs and entice wary consumers with new sneakers and clothing.

But those efforts, thus far, have done nothing for Nike's stock (NKE). Shares were at roughly nine-year lows as of Friday, and are down more than 19% over the past 12 months.

Signs have emerged that Nike's new products aren't catching on. And analysts have lots of questions for executives when the company holds its earnings call after the market close on Tuesday.

UBS analysts, in a research note last week, said they would be eyeing the impact of the Iran war and tariffs, after the Supreme Court struck down many of the Trump administration's trade duties in February. Nike last year said it expected roughly $1.5 billion in annual tariff-related costs.

The analysts also said they'd be focused on Nike's struggles in China, as well as the company's business with retailers that it has tried to lean on more, after a years-long effort to sell more products itself. They noted they would zero in on demand for new products, as Nike tries to sell more running gear and women's clothing and get more sales out of its collaboration with Kim Kardashian's Skims brand.

"Some channel checks suggest sell-through rates of new products have been soft," UBS wrote.

Also of interest is a $300 million pretax charge Nike recently announced as part of a plan to "implement certain organizational changes" and boost profits. And with most 2026 FIFA World Cup matches set to take place in the U.S. starting in June, the analysts wondered how prepared Nike would be.

"Some of Nike's competitors look like they have introduced more World Cup products than Nike has at this point," UBS noted.

Nike's results will arrive as the Iran war drives gas prices higher, rattles markets and shakes the confidence of even wealthier U.S. consumers. The rise in gas prices has landed on top of concerns about tariffs and higher costs of living through this decade, hampering spending on things like new sneakers and clothes.

Nike has tried to sell off a surplus of unwanted casual sneakers and make its e-commerce site a destination for more premium fare. But competition from the likes of Adidas (ADDYY) (XE:ADS) and On Running (ONON) hasn't gone anywhere. And more than a year into Elliott Hill's tenure as Nike's CEO, analysts have still debated where the bottom is for the stock.

Last year, Hill spent $1 million to buy Nike's stock. Apple (AAPL) CEO Tim Cook, a longtime Nike board member, also spent about $3 million to buy company shares. But during Nike's last earnings call in December, Hill said Nike's rebound would likely be uneven.

"The best way to think about it is that we have our businesses, the dimensions of our businesses, moving at different speeds, and the timelines are going to vary by [geography], channel and sport dimension," he said.

Elsewhere this week, quarterly results are due from footwear maker Allbirds (BIRD), which like Nike is also trying to turn its fortunes around. In January, Allbirds said it would close its full-price stores in the U.S.

Other earnings during the week will offer a look at food and restaurant demand. McCormick & Co. (MKC), Cal-Maine Foods (CALM), Conagra Brands (CAG) and Dave and Buster's Entertainment (PLAY) will all report results.

-Bill Peters

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03-29-26 1000ET