While Nike reported Tuesday that its revenues increased 8 percent in the quarter ending Aug. 31, analysts and the media focused on increasing competition from Under Armour and other rivals.

"Nike and its Jordan brand still command the lion's share of the U.S. footwear market, but rivals Adidas and Under Armour are chipping away at the company's decades-long dominant position," said a Reuters report. "The company has lost basketball sales to Under Armour since the latter poached Golden State Warriors player Stephen Curry in 2013."

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Another news agency, AFP, wrote:

"Adidas appeared to gain advantage from its muscular presence in the Summer Olympics and the Euro 2016 football tournament. Under Armour has strongly cut into the sports fashion sector, and won a big share of a key market segment -- basketball shoes -- with its sponsorship of the newest NBA superstar, Stephen Curry."

While Nike topped first-quarter forecasts, there was concern about the slowdown of futures orders. Some analysts attributed the weak numbers to the company's growing direct-to-consumer business.

In a statement, Nike cited its revenue growth following what chairman and CEO Mark Parker called an "an incredible summer of sport" highlighted by the Olympics.

"The Swoosh dominates athletic apparel," Investor's Business Daily wrote, "but creeping competition from Under Armour, Adidas and other athletic brands is nipping at Nike's heels."

The market shrugged off concerns about Nike as its shares gained 94 cents Tuesday to close at $55.34.

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