UPDATE—Oct. 1, 2024: This article has been updated to reflect more recent analyst estimates and share price information.

Nike (NKE) reports earnings after the bell Tuesday for the first quarter of fiscal 2025, weeks after 澳洲幸运5官方开奖结果体彩网:announcing a CEO change, with Elliott Hill set to replace John Donahoe next month.

Analysts expect sales and profits to decline year-over-year, with total revenue projected to fall about 10% to $11.66 billion from to $12.94 billion in the first quarter of last year. Deutsche Bank analysts said the quarter should be the bottom for Nike's sales decline before a recovery.

Net income is projecte🦋d to fall by nearly half year-over-ye🅘ar to $775.48 million, down from $1.45 billion a year ago as the company is expected to report higher expenses due to increased advertising during the Olympics, which took place during the quarter, and a focus on developing new products.

Key Metric: Full-Year Outlook

In its 澳洲幸运5官方开奖结果体彩网:most recent report, Nike gave a downbeat outlook for sales in the first quarter and fiscal 2025, citing concerns about the Chinese market, online sales, and the impact that a 澳洲幸运5官方开奖结果体彩网:shift to focus on newer products could have on near-term sales. The news 澳洲幸运5官方开奖结果体彩网:sent its stock sharply lower.

Ahead of Tuesday's report, Baird analysts said they believe Nike can beat first-quarter estimates, but said the athletic apparel maker could lower its sales projections in the second half of the year to provide a "cushion" during its transition to a new CEO and focus on 澳洲幸运5官方开奖结果体彩网:efforts to improve profitability.

Deutsche Bank analysts said that while an outlook cut is possible, they believe Nike will affirm its full-year projections as part of a "narrative of gradual improvement."

Business Spotlight: CEO Swap, Investor💜 Day Plans

Tuesday's report will be Donahoe's final as CEO, with Hill set to take over the top role in mid-October. Analysts 澳洲幸运5官方开奖结果体彩网:have largely cheered the change, saying having a longtime company veteran as CEO, alon🀅g with other Nike veterans in other executive positions, should improve morale💞 and help the company's vision moving forward.

Some analysts expect that Nike's investor day, scheduled for Nov. 19, could be pushed back to give Hill more time as CEO before presenting a renewed long-term vision for Nike to investors.

Nike shares were up 1.3% in afternoon trading Tuesday ahead of the company's earnings. The stock has lost nearly 18% of its value since the start of the year.