11:34 AM EST, 12/18/2024 (MT Newswires) -- Nike ( NKE ) is likely to report "subdued" fiscal Q2 results and a "soft" Q3 guidance, reflecting current product repositioning and challenged demand dynamics, Oppenheimer said in a note Wednesday.

"We expect largely "more of the same", with [Q2] results and [Q3] guidance soft, but essentially in-line with subdued Street forecasts, reflecting ongoing product repositioning and still-challenged demand dynamics, globally, aggravated by potentially, modestly stepped-up promotional activity, as Nike ( NKE ) works to clear slightly-elevated inventories," Oppenheimer said in the note.

Nike ( NKE ) is scheduled to announce fiscal Q2 results on Thursday.

Chief Executive Elliott Hill is expected to provide "high-level" commentary during Nike's ( NKE ) Q2 call, deferring detailed turnaround plans to a rescheduled analyst meeting, Oppenheimer said.

The firm expects management to highlight sales from newly launched products but emphasized that these "recent product introductions are still small against a massive, global product portfolio".

Oppenheimer forecasts Q2 earnings per share of $0.62 and a Q3 EPS guidance of $0.59.

Nike ( NKE ) shares rose more than 1% in recent trading.

Price: 78.80, Change: +0.80, Percent Change: +1.03