Expectations are low for sportswear giant Nike ahead of its fiscal first-quarter earnings report, slated for after the bell Thursday.

Consensus calls for Nike to earn 44 cents a share, a nickel less than it did in the year-ago period, on a 3.4% decline in revenue to $11.3 billion.

Shares of Nike have fallen 44.4% this year alone, and have lost more than half of their value over the past 12 months, hitting their lowest levels in more than a decade this summer. Analysts have soured on its turnaround attempts, as new leadership changes and a lackluster World Cup bump have yet to bear fruit.

The stock dropped after its previous earnings report, at the start of July.

Sales of sneakers and other athletic gear have been difficult lately, but Nike in particular has suffered: New product launches haven't garnered much excitement and it lacks the star power like that of Michael Jordan in its heyday. Fashion has been shifting back toward dressier styles, and competition has grown. Just over a quarter of the 44 analysts tracked by FactSet are bullish on the shares.

A low bar could help Nike deliver a much needed win when it reports results, but after its yearslong losing streak, even optimists will likely be looking for more than one quarter of good news.

Moreover, any post-earnings bounce might be less a relief rally and more indicative of a short squeeze: Shares sold short stand at over 87 million now, a record high, according to S3 Partners Managing Director Matthew Unterman. Short exposure increased by 55 million shares over the past 52 weeks, meaning short interest as a percentage of the float has gone from below 3% to above 7%.