Remember when Nike (NYSE:NKE) mattered? Air Jordans were all the rave. CEO Phil Knight was cocky, but always delivered the goods. The signature Nike swoosh could have very well been a checkmark, with Nike's task of global brand domination complete.

While Nike is far from inconsequential these days, there is little to cheer about its first $10 billion year.

For starters, its $2.77 a share in earnings in the 2003 fiscal year was pumped up by a weak dollar, creating favorable currency translations on sales overseas. Domestically, which many would argue is the critical battlefield for the company as trends eventually carry over on a global basis, sales suffered. While it was able to gain some ground stateside during the fourth quarter, it still suffered a 10% dip over the course of the year.

Meanwhile, rival Reebok (NYSE:RBK) is gaining on Nike while leading retailer Foot Locker remains swoosh-free. From "Just Do It" to Nike "Just Blew It," the company, in a move to stay relevant, is now down to gambling on basketball stars who have yet to prove their worth on the professional level.

Nike may be proud of its record year, but investors have every reason to worry about the asterisks behind that "record" year. That swoosh can be many things, but right now it is not indicative of the market's affirmation of the company's recent track record.

Is Nike's best really in the past or will it bounce back? Why did the company pay so much money to eventual Cleveland Cavalier LeBron James and will it be a sound investment? All this and more -- in the Nike discussion board . Only on