Nike published results overnight, while revenue jumped by 8% to $9.1bn, net profit grew by 9% - investors have been spooked by the firm missing analysts' future order estimates for the third quarter in a row.

Shares in the company fell by as much as 4.4% in after-market trading.

These results come as Adidas enjoys a resurgence and Underarmour continues to eat in to Nike's market share - but the Oregon brand remains comfortably the world's biggest athletic wear brand.

In the face of increased competition the company says that its brand is "strong as ever."

CEO and Chairman Mark Parker told investors that the Rio Olymipics and the 'athleisure' fashion trend mean that it is a "great time to be in the business of sports."

"The look of sport continues to influence everyday style around the world," he continued.

On the issue of future orders, Nike CFO Andy Campion said that there is no longer a direct correlation between orders and revenue growth, and that the company plans to react to this shift by changing how it reports these figures.

The company's top-line figures were helped by the resolution of an issue regarding its foreign tax credit. This reduced Nike's effective tax rate to 2.5 percent - that's down from more than 18% last year.