Photo courtesy of Nike. 

Nike Inc NKE reported a surprise EPS loss and revenue decline in its fourth-quarter report Thursday.

Despite a shortfall versus expectations, some Street analysts remain bullish on the athletic giant.

Refinitiv's Martis Focuses On Nike's Message

Investors may want to overlook Nike's top-and-bottom-line miss and focus instead on the message that management conveyed during its post-earnings conference call, Refinitiv Director of Consumer Research Jharonne Martis said on CNBC's "Squawk Box."

Nike made it clear that it is positioning itself for the long-term by enacting lessons learned from the COVID-19 pandemic, she said.

Consumers are still "missing experiences," and health and wellness remain on the top of their minds, Martis said.

Nike is aware of this trend and is focusing on the digital channel, especially in China, she said.

In fact, the China business helped offset weakness seen across North America, Europe, and Latin America, Martis said. 

Raymond James' McClintock Says Nike Products Hot 

The Street had little understanding of how to forecast Nike's quarter, as EPS estimates ranged from negative 50 cents to positive 40 cents, Raymond James' Matt McClintock said on CNBC's "Worldwide Exchange."

Even though "no one really had a clue," it remains clear that Nike's products are hot, he said. 

Products like Air Force 1 have a COVID-19 problem, but certainly not a demand problem, he said. Fortunately, this was a one-time issue that could resolve as stores reopen worldwide, McClintock said. 

If Nike is forced to shut down stores again from a second wave of COVID-19, it remains among the best positioned to count on its "elite" digital channel to maintain sales, the analyst said.

Nike shares were down 4.07% at $97.19 at the time of publication Friday.