Nike is set to report its fiscal fourth quarter earnings after market close today, and Wall Street is bracing for more poor results.

Jefferies analyst Randal Konik wrote in a note to clients that he expects results from the quarter, which ended on May 31, to be “painful.” The sneaker giant is attempting to make progress in its turnaround while navigating President Trump’s tariffs.

After Nike’s fiscal third quarter results, which were announced late March, CFO Matthew Friend warned tariffs, excess inventory, and uncertainty around consumer confidence would whack fourth quarter gross margins by approximately 400 to 500 basis points. He warned revenue would be “down.” Last year’s fiscal fourth quarter revenue came in at $12.61 billion.

Wall Street, per Boomberg, expects fourth quarter revenue to fall nearly 15% to $10.72 billion, alongside adjusted earnings of $0.13 per share, which are 87% lower compared to the $1.01 it reported in the same quarter last year. Same-store sales at Nike-owned stores are expected to tick lower yet again, down 2.62%. That would be less than the 3% decline it posed in the prior quarter.

Nike is facing deteriorating consumer confidence as it aims to get consumers back in stores and competes with rivals like On (ONON) and Hoka (DECK).

The Conference Board’s Consumer Confidence index for June fell 5.4 basis points to 93 in June from 98.4 in May as concerns about the effects of tariffs on prices and the economy remained top of consumers’ minds.