Nike reports a significant inventory issue in Q3.
CEO outlines plans for a turnaround by the end of the year.
The company takes a financial hit to manage stock levels.
Briefing: Nike Takes 'Intentional' Hit To Clear 'Unhealthy Inventory' In Q3 As CEO Eyes Turnaround By Year-End
Strategic angle: Nike's strategic decision aims to address excess inventory and set the stage for recovery.