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PART II
NIKE, Inc. Consolidated Statements Of Income
Year Ended May 31,
(In millions, except per share data) 2013 2012 2011
Income from continuing operations:
Revenues $ 25,313 $ 23,331 $ 20,117
Cost of sales 14,279 13,183 10,915
Gross profit 11,034 10,148 9,202
Demand creation expense 2,745 2,607 2,344
Operating overhead expense 5,035 4,458 4,017
Total selling and administrative expense 7,780 7,065 6,361
Interest (income) expense, net (Notes 6, 7 and 8) (3) 4 4
Other (income) expense, net (Note 17) (15) 54 (25)
Income before income taxes 3,272 3,025 2,862
Income tax expense (Note 9) 808 756 690
NET INCOME FROM CONTINUING OPERATIONS 2,464 2,269 2,172
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS 21 (46) (39)
NET INCOME $ 2,485 $ 2,223 $ 2,133
Earnings per share from continuing operations:
Basic earnings per common share (Notes 1 and 12) $ 2.75 $ 2.47 $ 2.28
Diluted earnings per common share (Notes 1 and 12) $ 2.69 $ 2.42 $ 2.24
Earnings per share from discontinued operations:
Basic earnings per common share (Notes 1 and 12) $ 0.02 $ (0.05) $ (0.04)
Diluted earnings per common share (Notes 1 and 12) $ 0.02 $ (0.05) $ (0.04)
Dividends declared per common share $ 0.81 $ 0.70 $ 0.60
The accompanying notes to consolidated financial statements are an integral part of this statement.
NIKE, INC. 2013 Annual Report and Notice of Annual Meeting 89
FORM 10-K