Nike is about to report earnings, here's what one analyst expects

Analyst: Nike's innovation engine is starting to improve sales

Wall Street might be anticipating positive growth overall from Nike this quarter, but one analyst thinks the company could fall short of those expectations, when it comes to North America.

is scheduled to report fiscal third-quarter earnings after the bell on Tuesday. Although the athletic apparel and footwear company posted profit that topped estimates in its latest quarter, shares fell after hours when management announced a disappointing futures orders number on the conference call.

FBR Capital Markets' Susan Anderson told CNBC's "" on Tuesday that she expects Nike to miss Street estimates, based on last quarter's negative 4 percent futures number in North America. "That's going to be the key thing to watch" on Tuesday evening.

Futures orders refer to those orders placed by wholesale customers that were not delivered during the quarter, and have traditionally been considered a proxy for future demand.

"If they can eek out positive growth in North American I think investors will be happy," Anderson went on.

Analysts expect Nike to report quarterly earnings of 53 cents per share on revenue of $8.47 billion, according to a Thomson Reuters consensus estimate.

Shares of Nike closed Tuesday down a little more than 1 percent, right above $58 per share.

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Anderson said it's evident Nike is starting to clean up its stores after "hitting a wall last year," and this should lead to better margins in the future.

When it comes to politics, she said a question about the Trump administration's proposed border adjustment tax, or BAT, is certain to be asked on Tuesday's earnings call.

"Depending on what happens [if a BAT is passed], given Nike's international exposure," which is around 60 percent, they might be better positioned than other retailers to benefit from a border tax, she explained.

Anderson said she's looking at Nike's footwear and women's apparel segments in particular in Tuesday's earnings report, as these have done particularly well for the brand of late.

FBR Capital Markets maintains a market perform rating on Nike, along with a $55 price target.