Wall Street might be anticipating positive growth overall from Nike this quarter, but one analyst thinks the company could fall short of those expectations, when it comes to North America.

is scheduled to report fiscal third-quarter earnings after the bell on Tuesday. Although the athletic apparel and footwear company posted profit that topped estimates in its latest quarter, shares fell after hours when management announced a disappointing futures orders number on the conference call.

FBR Capital Markets' Susan Anderson told CNBC's " " on Tuesday that she expects Nike to miss Street estimates, based on last quarter's negative 4 percent futures number in North America. "That's going to be the key thing to watch" on Tuesday evening.

Futures orders refer to those orders placed by wholesale customers that were not delivered during the quarter, and have traditionally been considered a proxy for future demand.

"If they can eek out positive growth in North American I think investors will be happy," Anderson went on.

Analysts expect Nike to report quarterly earnings of 53 cents per share on revenue of $8.47 billion, according to a Thomson Reuters consensus estimate.

Shares of Nike closed Tuesday down a little more than 1 percent, right above $58 per share.