PORTLAND, Ore. (AP) -- Nike said Monday that it is leaving the elite swimwear market.

The company will continue to provide swimwear for colleges and sell to traditional retail customers. But it said it will not compete against the likes of Speedo to get the swoosh on the world's top swimmers.

"We will not invest in next-generation swim innovation, which is not in line with our stated category growth strategy," the company said in a statement.

Nike said it made a "strategic decision as part of the company's long-term growth plan."

NASA Langley

NASA Langley researcher Steve Wilkinson prepared and tested the Speedo fabrics in a 7x11 inch low-speed tunnel.

Four years ago, Speedo officials came to NASA-Langley in Hampton to have swimsuit fabrics tested in a wind tunnel.

Steven Wilkinson, an aerospace scientist and expert in flow physics, and his colleagues did all the testing and compiled all the data for Speedo.

Nike, based in Beaverton, Oregon, had announced several years ago that it would focus on six key categories to reach a $23 billion revenue goal by 2011. Those categories are running, soccer, basketball, men's training and women's training and sportswear.

CNBC reported this weekend that Nike may be halting its swimsuit development after a showdown at the Beijing summer Olympics. Nike lost some of its edge at the games when Speedo stole the spotlight with its LZR Racer suit.

According to Speedo, of the 77 world records set since the release of the suit in February, 71 have been in the LZR Racer. And it was worn by Olympics darling Michael Phelps.

Other swimmers clamored to get the suit at the games. Nike even allowed some of its athletes to wear the LZR Racer, an unprecedented move by the world's largest athletic shoe and apparel company.

But Nike denied that Monday's decision was a direct result of Speedo's success, saying it was a "direct result of our long-term growth strategy focusing on the areas where we can have the largest growth."

The company also announced Monday that it planned to buy back $5 billion of its own stock over four years. Shares of Nike slipped $1, or more than 1 percent, to $62.70 in trading Monday afternoon.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)