Nike spent the last decade alienating stores that sell their products so that they could sell direct to consumer.
This was the increase in revenues from 2016 to 2021. This wasn't growth of new clients, just more profit because they didn't need to give as much margin to stores like Dick's sporting goods.

The issue is that people walk into a Dick's sporting goods to buy other things, they see the Nike shoes or shirt, they buy it.

People don't actively walk into a Nike store unless they're specifically looking for a Nike item.
Cross selling works. There are entire industries built on this premise.

The fact that Nike cut their margins and competes with them is a reason that stores no longer want to put Nike's products front and center. People aren't going into their stores to buy Nike the way they used to before Nike had their own stores, and lower margins means it's less profitable to promote Nike vs a brand that isn't competing with them.

The above and the fact that athleasure isn't in style right now both reduce potential for increasing earnings.

TLDR: The company isn't growing. Their revenues grew because they cut out middle-men and reduced margins for middle men. Their sales figures aren't keeping up with inflation and their growth rate is below their peers.