There's one big problem with Nike's plan to sell sneakers directly to consumers — they still love to shop at Foot Locker and Dick's

• The sportswear giant has been aggressively pushing direct sales since 2017.
• Since then, Nike's direct business has doubled, while its wholesale business has been flat.

Analysts at Deutsche Bank spotted an interesting anomaly in Nike's most recent quarterly report: The company's wholesale business grew faster than its direct business between September and November.

The blip could be related to Nike's ballooning inventory and need to clear out stockrooms, but it also comes as analysts have questioned whether the sportswear giant steered too hard away from wholesale, and Nike executives started talking up the importance of stores like Foot Locker.

In a Monday report to investors, Deutsche Bank noted Nike's "strong wholesale growth" in the company's second fiscal quarter. Wholesale revenue increased 19% to $7.3 billion compared to a year ago, outpacing the 15% growth in direct sales.

Wholesale grew faster in every sales geography except Europe, Middle East, and Africa. In North America, wholesales increased 37%, while direct sales increased 23%.

Deutsche Bank has a "buy" rating on Nike's stock.

Nike's direct business has more than doubled since June 2017 when it announced the Consumer Direct Offense, a business plan focused on direct sales, both through Nike stores and the company's website and shopping apps.

Along the way, Nike cut ties with thousands of mom-and-pop sporting goods stores and sneaker boutiques. Nike kept doing business with giants like Foot Locker and Dick's, but in some cases, reduced product allocations.

Since 2017, Nike's direct sales increased 106% to $18.7 billion, according to its last annual report. In that same time period, wholesale increased 11% to $25.6 billion.

Nike's wholesale business now accounts for a little over half of sales, down from 72% in 2017.

But, in recent months, more analysts have questioned the direct-sales strategy, including whether it exposes Nike to more volatility.

Nike seems to be listening. The company is increasingly touting efforts to partner more closely with retailers like Dick's.

On a December earnings call, Nike CEO John Donahoe said the company in September hosted wholesalers at its Oregon headquarters for the first time in three years. In attendance was Mary Dillon, the new CEO of Foot Locker.

"This quarter, we spent a lot of time with Mary Dillon and her team at Foot Locker," Donahoe said. "There's a lot of excitement, I would say, with our wholesale partners and what we can accomplish together."