Boutique fitness studio franchisor Xponential Fitness (NYSE:XPOF) will be reporting earnings tomorrow after the bell. Here's what to look for.

Xponential Fitness beat analysts' revenue expectations by 10.2% last quarter, reporting revenues of $90.2 million, up 26.6% year on year. It was a slower quarter for the company, with a miss of analysts' earnings estimates.

Is Xponential Fitness a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Xponential Fitness's revenue to grow 11.4% year on year to $78.77 million, slowing from the 40.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.24 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Xponential Fitness has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 10.9% on average.

Looking at Xponential Fitness's peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Nike posted flat year-on-year revenue, beating analysts' expectations by 1.1%, and Carnival reported revenues up 22%, in line with consensus estimates. Nike traded down 7% following the results while Carnival was also down 4.1%.

Read our full analysis of Nike's results here and Carnival's results here.

Growth stocks have seen elevated volatility as investors debate the Fed's monetary policy, and while some of the consumer discretionary stocks have fared somewhat better, they have not been spared, with share prices down 5.9% on average over the last month. Xponential Fitness is down 18.5% during the same time and is heading into earnings with an average analyst price target of $25 (compared to the current share price of $12.75).

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