Nike reported worse-than-expected sales in its latest quarter on Wednesday as competition continues to weigh on its U.S. business. Competition has heated up from retailers like Adidas and Under Armour and dampened sales growth in the U.S. During the quarter, sales ticked up just 3% in North America, a region that remains its biggest market and accounts for roughly half its business. Meanwhile, Nike has continued to look to Asia, Western Europe and the emerging markets for more robust growth. Sales soared 9% higher in China and 8% higher in emerging markets in the quarter. Shares of Nike fell 17% in 2016, which was enough to make it the biggest loser in the 30-stock Dow index.

Source: Forbes March 21, 2017 20:55 UTC