Nike offering discounts as stocks drop

(KYMA, KECY/ CNN) - Nike apparently has too much inventory and that's good news for its customers - with the brand cutting prices in its stores in an effort to free up shelves.

Nike said its inventory levels soared 65% in North America, which is its largest market. Overall, its inventory was up 44% last quarter when compared to a year ago.

And excess clothing is the main problem.

Nike plans to discount the items that are now out of season and will also move clothing to its own factory stores, promote them online, and sell more to discount stores like TJ Maxx.

Nike stock tumbled Friday by double digits as investors worry about the brand's profitability for the coming quarters.