Shares of Nike (NKE) - Get Report have struggled so far this year and are down more than 15%. How is the company doing? Investors looking for insight won't have wait long because Nike is set to report quarterly results after the close Tuesday

"Nike is a very difficult situation," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said Monday from the floor of the New York Stock Exchange. The sports apparel company has such sprawling international operations -- including major businesses in the U.S., China and western Europe -- that it's hard to get a read on how it's doing. 

Looking at other companies for a potential read-through on Nike is also difficult, he said. Finish Line (FINL) reported good results, but investors didn't care for the earnings from Foot Locker (FL) - Get Report

There's also the resurgent Adidas brand to worry about, Cramer said. Nike's chart -- as outlined by Real Money's Bruce Kamich -- is also discouraging. 

With all that being said, Nike stock is down significantly from its highs over $68, he said, adding that his favorite in the group is Foot Locker, simply because the stock has been oversold. 

Analysts expect Nike to earn 48 cents per share on $8.28 billion in revenue. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.