From the ground up

Roughly a week ago we reported that Nike was allegedly “losing” the Rio Olympics to adidas and Under Armour as its stock rose just 1% during the games, while adidas’s went up 5.9% and Under Armour’s, 2.3%. When speaking with Fortune, however, the Swoosh insists it’s not “losing” the Olympics at all.

“It’s absolute nonsense,” says Trevor Edwards, president of Nike Brand, during a phone interview with Fortune. “We have 1,500 athletes from over 60 countries. Visibly you can see the brand’s presence.”

Edwards also went on to point out that 70% of athletes that won gold in track and field events did so while wearing Nike. In addition, the company’s widely-circulated Unlimited Campaign garnered nearly 340 million views during the games.

Also worthy of note, swimming legend and Under Armour athlete Michael Phelps can now be seen on the cover of Sports Illustrated wearing a pair of Nike pants, while Nike athlete Simone Biles is also featured in the photo.

Regardless, Nike’s stock is still somewhat struggling, albeit in a completely relative manner as the company has largely been one of the market’s go-to buys for years. Rivals adidas and Under Armour are no doubt growing, and doing so in a hurry.

When Fortune asked Edwards how he’d rate the brand’s performance during Rio, he immediately called for a gold medal.

“As any athlete would say, I’d be inclined to say give us the gold,” Edwards said. “But there’s no finish line. It’s always about what’s next and continuing to improve and raising the bar.”

He did, however, go on to reference competition from rivals as a positive, saying “It allows us to make sure we continue to push ourselves.”

For Fortune‘s complete breakdown of Nike, adidas and Under Armour during the Rio Olympics, as well as their conversation with Trevor Edwards, follow on over to their site.

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