Nike (NKE) is set to report Q3 results after the bell. The company has a conference call scheduled at 5:00pm ET. Consensus estimates Q3 EPS of $0.53 (vs. $0.55 2Q16) w/ revs of $8.47 bln (+8% y/y).

Last quarter, the company guided for Q3 reported revs to grow squarely in the mid-single digit range. 

Company also guided gross margin contraction of 100-125 bps (from 45.9% in 3Q16); implies gross margin to come in at 44.65% to 44.9%.

The Street expects Q4 revs up 8% to $8.86 bln.

Shares have grinded higher in the last 3.5 months, despite the XRT (Retail ETF) remaining weak. Shares are currently trading at the 59 level, up 15+% from where it closed to end 2016.

On January 31, Under Armour (UAA) reported a very disappointing quarter, missing on revs and EPS, guiding FY 17 below consensus, and announcing its CFO will be departing. UAA shares fell more than 25% following the report.

Adidas (ADDYY) reported blow out earnings on March 8

Short interest in NKE has reached its highest level in more than 2 years as now around 3.1% of the float are short.