Nike 2009 Annual Report Download - page 55

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NIKE, INC.
CONSOLIDATED STATEMENTS OF INCOME
Year Ended May 31,
2009 2008 2007
(In millions, except per share data)
Revenues ..................................................... $19,176.1 $18,627.0 $16,325.9
Cost of sales .................................................. 10,571.7 10,239.6 9,165.4
Gross margin .................................................. 8,604.4 8,387.4 7,160.5
Selling and administrative expense ................................. 6,149.6 5,953.7 5,028.7
Restructuring charges (Note 16) ................................... 195.0 — —
Goodwill impairment (Note 4) .................................... 199.3 — —
Intangible and other asset impairment (Note 4) ....................... 202.0 — —
Interest income, net (Notes 1, 7 and 8) .............................. (9.5) (77.1) (67.2)
Other (income) expense, net (Notes 17 and 18) ....................... (88.5) 7.9 (0.9)
Income before income taxes ...................................... 1,956.5 2,502.9 2,199.9
Income taxes (Note 9) ........................................... 469.8 619.5 708.4
Net income ................................................... 1,486.7 1,883.4 1,491.5
Basic earnings per common share (Note 12) ......................... $ 3.07 $ 3.80 $ 2.96
Diluted earnings per common share (Note 12) ........................ $ 3.03 $ 3.74 $ 2.93
Dividends declared per common share .............................. $ 0.98 $ 0.875 $ 0.71
The accompanying notes to consolidated financial statements are an integral part of this statement.
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