I'm sure most readers are familiar with (NYSE: NKE). The leading sportswear business, which sells popular apparel and sneakers, has a global presence. And it's been atop the industry for many decades.

But Nike has been dealing with some major challenges, which revealed themselves recently when the company reported its latest financial results. As of this writing, the consumer discretionary stock trades 58% below its peak price. And it's down a gut-wrenching 31% just this year, propelled by the recent update.

You might be thinking about buying Nike shares. Before you do, here are three must-know facts.

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Source Fool.com