PORTLAND, United States — Nike Inc. tumbled as much as 7.4 percent in late trading after its sales and orders missed estimates, renewing concerns that competitors will hamstring growth at the world's largest sports brand.

The company’s so-called futures orders increased 11 percent, Beaverton, Oregon-based Nike said on Tuesday. Analysts projected 13 percent, according to Consensus Metrix. The number, which excludes currency fluctuations, is a key benchmark for investors because it serves as an indicator of demand.

After years of robust growth, Nike is facing challenges on several fronts. The strong US dollar is hurting sales overseas, and footwear competition is mounting. Under Armour Inc. is making headway in Nike’s longtime stronghold of basketball shoes, while a revived Adidas AG is encroaching on the running-sneaker segment. That’s raising concern about Nike’s plan to reach $50 billion in revenue by 2020, up from about $32 billion now.

The shares fell as low as $49.14 in extended trading after the results were released. Nike already had slid 15 percent this year through Tuesday’s close, dragged down by concerns about a slowdown. Nike had surged 30 percent in 2015, the biggest gain of any company in the Dow Jones Industrial Average.

“A lot of the initial fears investors had about the increasing competitive landscape, specifically around this quarter, actually came true,” said Chen Grazutis, an analyst at Bloomberg Intelligence.

Revenue Misses

Fourth-quarter revenue climbed 6 percent to $8.24 billion, missing the $8.28 billion predicted by analysts. Earnings were flat from a year earlier, at 49 cents a share, though the number did exceed the 48-cent average estimate.

For years, Nike was in the enviable position of being a market leader in sneakers with little competition. Adidas was floundering, and Under Armour’s shoe business had not yet gained traction.

But times are different now. Stephen Curry’s basketball shoes have given Under Armour a foothold in that category. Nike still has more than 90 percent of the North American basketball sneaker market, but it is losing share to Under Armour, according to SportsOneSource.

Running Shoes

And in running shoes — both in the performance and fashion categories — Adidas has had a major US comeback. Running sneakers are especially critical because they are increasingly worn as casual shoes, whereas basketball footwear has fallen out of favour. The challenges now facing Nike were highlighted by retailer Finish Line Inc. last week when chief executive officer Sam Sato heaped praise on Adidas and Under Armour, calling the performance of both brands “explosive.”

Nike’s results in North America showed how much this competition is hurting it. Sales last quarter were little changed at about $3.7 billion. Orders for that region also missed estimates.

In addition, Nike has endured a management shake-up in recent months. Michael Spillane was named president of product and merchandising, making him a legitimate candidate to one day replace chief executive officer Mark Parker. The reshuffling also hit the company's basketball business. Michael Jackson, head of global basketball, resigned earlier this month and was replaced by Craig Zanon.

By Matt Townsend; editors: Nick Turner and Kevin Orland.