Nike (NKE) is set to report Q2 (Nov) earnings results today.

NKE typically guides on the call although it has suspended guidance for now, so we'll see if that changes.

Expectations have certainly been raised after Nike surprised investors with huge upside for its Q1 (Aug) earnings report in September.

Nike raised guidance on the call, saying it expects FY21 revenue to be up high-single-digits to low double-digits vs prior guidance of "flat-to-up versus FY20."

Sales have been recovering faster than anticipated and some geographic areas have already returned to growth, including Greater China, EMEA, Japan and South Korea.

TECHS:

Overall, it will be important to see if the rebound seen in Q1 was more about pent up demand and perhaps pulling sales from Q2, or if Nike is seeing a genuine and durable upswing in results.

Also, AugQ may have benefitted from warm summer months, but the weather starts to turn colder in NovQ, so we'll see if the recovery continued. Finally, Nike's results should help to set expectations for upcoming earnings reports from retailers/sporting goods stores: DKS, HIBB, FL, SKX, UAA.

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