Nike missed Wall Street estimates for first-quarter sales on Thursday, fanning fears that demand for its sneakers is tapering amid tight consumer spending and increasing competition from newer brands.

The company's total revenue rose to $12.94 billion in the quarter, from $12.69 billion a year earlier. Analysts had expected $12.98 billion, according to LSEG data.

(Reporting by Deborah Sophia in Bengaluru; Editing by Shounak Dasgupta)