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PART II
Thebreakdownofrevenuesisasfollows:
(Dollars in millions) Fiscal 2015 Fiscal 2014 % Change
% Change
Excluding
Currency
Changes(1) Fiscal 2013 % Change
% Change
Excluding
Currency
Changes(1)
North America $ 13,740 $ 12,299 12% 12% $ 11,158 10% 10%
Western Europe 5,709 4,979 15% 21% 4,193 19% 14%
Central & Eastern Europe 1,417 1,387 2% 15% 1,229 13% 15%
Greater China 3,067 2,602 18% 19% 2,478 5% 3%
Japan 755 771 -2% 9% 876 -12% 5%
Emerging Markets 3,898 3,949 -1% 8% 3,832 3% 13%
Global Brand Divisions(2) 115 125 -8% -2% 115 9% 6%
Total NIKE Brand Revenues 28,701 26,112 10% 14% 23,881 9% 11%
Converse 1,982 1,684 18% 21% 1,449 16% 15%
Corporate(3) (82) 3 — — (17) — —
TOTAL NIKE, INC. REVENUES $ 30,601 $ 27,799 10% 14% $ 25,313 10% 11%
(1) Results have been restated using actual exchange rates in use during the comparative period to enhance the visibility of the underlying business trends excluding the impact of translation
arising from foreign currency exchange rate fluctuations.
(2) Global Brand Divisions revenues primarily represent NIKE Brand licensing businesses that are not part of a geographic operating segment.
(3) Corporate revenues primarily consist of foreign currency revenue-related hedge gains and losses generated by entities within the NIKE Brand geographic operating segments and
Converse through our centrally managed foreign exchange risk management program.
The primary financial measure used by the Company to evaluate performance
of individual operating segments is earnings before interest and taxes
(commonly referred to as “EBIT”), which represents Net income before
Interest expense (income), net and Income tax expense in the Consolidated
Statements of Income. As discussed in Note 18 — Operating Segments and
Related Information in the accompanying Notes to the Consolidated Financial
Statements, certain corporate costs are not included in EBIT of our operating
segments.
The breakdown of earnings before interest and taxes is as follows:
(Dollars in millions) Fiscal 2015 Fiscal 2014(1) % Change Fiscal 2013(1) % Change
North America $ 3,645 $ 3,077 18% $ 2,639 17%
Western Europe 1,277 855 49% 643 33%
Central & Eastern Europe 247 279 -11% 234 19%
Greater China 993 816 22% 813 0%
Japan 100 131 -24% 139 -6%
Emerging Markets 818 952 -14% 985 -3%
Global Brand Divisions (2,263) (1,993) -14% (1,716) -16%
Total NIKE Brand 4,817 4,117 17% 3,737 10%
Converse 517 496 4% 425 17%
Corporate (1,101) (1,036) -6% (909) -14%
TOTAL CONSOLIDATED EARNINGS
BEFORE INTEREST AND TAXES 4,233 3,577 18% 3,253 10%
Interest expense (income), net 28 33 — (3) —
TOTAL CONSOLIDATED INCOME
BEFORE INCOME TAXES $ 4,205 $ 3,544 19% $ 3,256 9%
(1) Certain prior year amounts have been reclassified to conform to fiscal 2015 presentation. These changes had no impact on previously reported results of operations or shareholders’
equity.
88