Footwear and apparel giant (NYSE: NKE) hasn't quite been a bright spot for investors this year, down over 11% as of Aug. 20. Some concerns about Nike are business-related, but many are broader concerns about the economy and how that could affect consumer spending.

Whatever the reason, I believe the pessimism toward the company is shortsighted. Nike still presents a compelling opportunity for long-term investors.

Much has been made about Nike's slowing year-over-year (YOY) sales growth. In its fourth quarter (ended May 31), Nike's YOY sales were up 8% when accounting for exchange rate changes. While not too shabby, it's down from the 19% and 27% YOY growth it had in Q3 and Q2, respectively.

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Source Fool.com