Shares ofLululemon Athletica Inc(NASDAQ:LULU) dipped 0.9% to $264.04 Wednesday morning afterNike Increported weaker-than-expected first-quarter revenue, raising concerns about the broader athletic apparel market. Nike's first-quarter revenue came in at $11.59 billion, missing Wall Street's expectations of $11.65 billion.

The 10% year-over-year revenue decline, including drops acrossNorth America,ChinaandEurope, has cast a shadow over the entire athletic retail sector, including premium brands like Lululemon.

What To Know: While Lululemon operates in a slightly different segment of the athletic apparel market, specializing in high-end yoga and athleisure wear, Nike's...