Nike 2015 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2015 Nike annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 87

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87

PART II
NIKE, Inc. Consolidated Statements of Income
Year Ended May 31,
(In millions, except per share data) 2015 2014 2013
Income from continuing operations:
Revenues $ 30,601 $ 27,799 $ 25,313
Cost of sales 16,534 15,353 14,279
Gross profit 14,067 12,446 11,034
Demand creation expense 3,213 3,031 2,745
Operating overhead expense 6,679 5,735 5,051
Total selling and administrative expense 9,892 8,766 7,796
Interest expense (income), net (Notes 6, 7 and 8) 28 33 (3)
Other (income) expense, net (Note 17) (58) 103 (15)
Income before income taxes 4,205 3,544 3,256
Income tax expense (Note 9) 932 851 805
NET INCOME FROM CONTINUING OPERATIONS 3,273 2,693 2,451
NET INCOME FROM DISCONTINUED OPERATIONS — — 21
NET INCOME $ 3,273 $ 2,693 $ 2,472
Earnings per common share from continuing operations:
Basic (Notes 1 and 12) $ 3.80 $ 3.05 $ 2.74
Diluted (Notes 1 and 12) $ 3.70 $ 2.97 $ 2.68
Earnings per common share from discontinued operations:
Basic (Notes 1 and 12) $ — $ — $ 0.02
Diluted (Notes 1 and 12) $ — $ — $ 0.02
Dividends declared per common share $ 1.08 $ 0.93 $ 0.81
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
NIKE, INC. 2015 Annual Report and Notice of Annual Meeting 107
FORM 10-K