Nike 2014 Annual Report Download - page 45

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PART II
NIKE, Inc. Consolidated Statements of Income
Year Ended May 31,
(In millions, except per share data) 2014 2013 2012
Income from continuing operations:
Revenues $ 27,799 $ 25,313 $ 23,331
Cost of sales 15,353 14,279 13,183
Gross profit 12,446 11,034 10,148
Demand creation expense 3,031 2,745 2,607
Operating overhead expense 5,735 5,051 4,472
Total selling and administrative expense 8,766 7,796 7,079
Interest expense (income), net (Notes 6, 7, and 8) 33 (3) 4
Other expense (income), net (Note 17) 103 (15) 54
Income before income taxes 3,544 3,256 3,011
Income tax expense (Note 9) 851 805 754
NET INCOME FROM CONTINUING OPERATIONS 2,693 2,451 2,257
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS — 21 (46)
NET INCOME $ 2,693 $ 2,472 $ 2,211
Earnings per share from continuing operations:
Basic earnings per common share (Notes 1 and 12) $ 3.05 $ 2.74 $ 2.45
Diluted earnings per common share (Notes 1 and 12) $ 2.97 $ 2.68 $ 2.40
Earnings per share from discontinued operations:
Basic earnings per common share (Notes 1 and 12) $ — $ 0.02 $ (0.05)
Diluted earnings per common share (Notes 1 and 12) $ — $ 0.02 $ (0.05)
Dividends declared per common share $ 0.93 $ 0.81 $ 0.70
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
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