Wall Street anticipates Nike's earnings report after the market closes.

• Nike will report fiscal second-quarter earnings after the bell.
• According to LSEG, analysts anticipate earnings per share of 64 cents on revenue of $12.18 billion.
• It's the company's first quarterly report under new CEO Elliott Hill.

Elliott Hill, the new CEO of the company, will report its fiscal second-quarter earnings on Thursday, which will be the first quarterly earnings under his leadership. It is anticipated that he will reveal the early stages of a strategy to reverse the ongoing sales decline.

According to consensus estimates from LSEG, analysts anticipate certain outcomes from the world's largest sneaker company.

• Earnings per share: 64 cents
• Revenue: $12.18 billion

Sales are predicted to decline by more than 9% compared to the previous year, while profits are expected to fall by approximately 38%.

Nike is attempting to revive its business and improve its product selection by reducing its reliance on three of its top-selling franchises: Air Force 1s, Dunks, and Air Jordan 1s. These styles were popular under former CEO John Donahoe, but their popularity has waned due to overexposure. As a result, Nike is now focusing on reducing supply.

Nike's strategy has put pressure on sales in the short term, which has also affected Foot Locker, resulting in missed estimates on both the top and bottom lines in its third-quarter report on Dec. 4, as CEO Mary Dillon revealed on CNBC.

Nike's earnings report on Thursday will reveal whether Hill's new role has had any impact on the company's performance, as it takes time to see the effects of strategy changes.

Nike's product assortment needs fixing, but Hill has more work to do. He must enhance Nike's innovation pipeline, rebuild relationships with wholesalers, and boost morale after layoffs and a cultural breakdown.

The NFL has renewed its contract with Nike through 2038, despite criticism for falling behind on innovation and botching a uniform release for Major League Baseball.

The NFL, MLB, and NBA have chosen Nike as their exclusive uniform provider.

As of Wednesday afternoon, the S&P 500 had a roughly 27% gain, while Nike's shares were down about 27%.