Nike 2016 Annual Report Download - page 22
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PART II
Results of Operations
(Dollars in millions, except per share data) Fiscal 2016 Fiscal 2015 % Change Fiscal 2014 % Change
Revenues $ 32,376 $ 30,601 6% $ 27,799 10%
Cost of sales 17,405 16,534 5% 15,353 8%
Gross profit 14,971 14,067 6% 12,446 13%
Gross margin % 46.2% 46.0% 44.8%
Demand creation expense 3,278 3,213 2% 3,031 6%
Operating overhead expense 7,191 6,679 8% 5,735 16%
Total selling and administrative expense 10,469 9,892 6% 8,766 13%
% of Revenues 32.3% 32.3% 31.5%
Interest expense (income), net 19 28 — 33 —
Other (income) expense, net (140) (58) — 103 —
Income before income taxes 4,623 4,205 10% 3,544 19%
Income tax expense 863 932 -7% 851 10%
Effective tax rate 18.7% 22.2% 24.0%
Net income $ 3,760 $ 3,273 15% $ 2,693 22%
Diluted earnings per common share $ 2.16 $ 1.85 17% $ 1.49 24%
NIKE, INC. 2016 Annual Report and Notice of Annual Meeting 75
FORM 10-K