(NYSE: NKE) is a dominant global footwear brand, with $33 billion in annual shoe sales. But weak consumer spending trends are revealing holes in Nike's business.

In the most recent quarter, Nike's footwear sales were down 6% year over year, which led a slight decline in overall sales. The soft demand trends have sent Nike stock down 60% from its all-time high.

Most Wall Street analysts still rate Nike shares a buy, as the stock trades at its lowest price-to-earnings valuation in years, but over the long term, companies that grow their revenue and earnings at the highest rates will usually outperform slower-growing companies, regardless of their valuation. This is why a stock like Amazon returned 4,800% over the last 24 years, compared to just 375% from slower-growing Walmart, despite Amazon trading at a higher price-to-earnings and price-to-sales multiple over that time frame.

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Source Fool.com