China has been weak of late, and it this lack of visibility has been part of the problem. Inventory has built up, and it is taking a long time to clear it out.
"The real problem over the last year is the market is filled with a glut of inventory in sportswear," said Michael Binetti of UBS. "It's not just Nike. There are a lot of local brands over there with a lot of product lying around.
"The demand has fallen short of being able to clear that product, and that has weighed on Nike sales over there for a while."
(Read More: Nike and the NFL: Sizing Up Year No. 1)
Margins are another key thing to watch. Gross margins have been compressing for almost 2.5 years.
"They said last quarter that they are expecting that (margins) to be up by about 80 basis points year over year. We're looking for them to reiterate them," Binetti said. "To hear that go positive would be very encouraging for people."
(Read More: Nike Suspends Contract With Pistorius)
Investors are also keeping an eye on the stock price.
In the last six months, Nike is up about 15 percent, but since hitting an all-time high last May, it's down about 6 percent. Perhaps, as the broader market keeps making new highs, it's a place to find some more upside?
"We still like where the stock is heading," Binetti said. "Nike is gaining a massive amount of market share.
"Nike is still in a very good position."
—By CNBC's Brian Shactman; Follow him on Twitter: @bshactman