(Reuters) - Nike missed market expectations for fourth-quarter revenue on Thursday, as the sportswear giant lost ground to newer brands.

Shares of the company were down 4.7% in extended trade.

Even though Nike has outlined a plan to streamline its portfolio, analysts note that it would be some time before the sportswear company can revive demand as innovation and launches of new product lines take time.

Nike's efforts to drive more sales through its direct-to-consumer channel have also taken a hit as customers turn more picky about their non-essential spend and look to spend their dollars on more fashionable and innovative brands On and Deckers' Hoka. The company's fourth-quarter net revenue fell to $12.61 billion from $12.83 billion a year earlier. However, analysts had expected $12.84 billion, per LSEG data.

(Reporting by Juveria Tabassum and Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli)