Investors have high expectations heading into Nike's (NYSE: NKE) earnings report in just a few days. The footwear and apparel giant revealed impressive growth in the previous quarter, and since that time comments by peers like lululemon athletica and Foot Locker have only increased enthusiasm in the industry.

That's why it's likely Nike will extend its positive momentum with its report on Thursday, September 23. But there are some caution flags for investors to watch out for as the company updates expectations for the rest of its fiscal 2022.

Let's take a closer look.

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Source Fool.com