Nike 2013 Annual Report Download - page 21
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PART II
Results of Operations
Unless otherwise indicated, the following disclosures reflect the Company’s continuing operations.
(Dollars in millions, except per share data) Fiscal 2013 Fiscal 2012
FY13 vs. FY12
% Change Fiscal 2011
FY12 vs. FY11
% Change
Revenues $ 25,313 $ 23,331 8% $ 20,117 16%
Cost of sales 14,279 13,183 8% 10,915 21%
Gross profit 11,034 10,148 9% 9,202 10%
Gross margin % 43.6% 43.5% 45.7%
Demand creation expense 2,745 2,607 5% 2,344 11%
Operating overhead expense 5,035 4,458 13% 4,017 11%
Total selling and administrative expense 7,780 7,065 10% 6,361 11%
% of Revenues 30.7% 30.3% 31.6%
Interest (income) expense, net (3) 4 — 4 —
Other (income) expense, net (15) 54 — (25) —
Income before income taxes 3,272 3,025 8% 2,862 6%
Income tax expense 808 756 7% 690 10%
Effective tax rate 24.7% 25.0% 24.1%
Net income from continuing operations 2,464 2,269 9% 2,172 4%
Net income (loss) from discontinued operations 21 (46) — (39) —
Net income $ 2,485 $ 2,223 12% $ 2,133 4%
Diluted earnings per share — Continuing
Operations $ 2.69 $ 2.42 11% $ 2.24 8%
Diluted earnings per share — Discontinued
Operations $ 0.02 $ (0.05) — $ (0.04) —
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