Vertical analysis (common-size) percentages for Bellamy Company’s sales, cost of goods sold, and expenses are listed here.

Vertical Analysis 2007 2006 2005 Sales 100.0% 100.0% 100.0%

Cost of goods sold 59.2 62.4 64.5 Expenses 26.0 26.6 205)

Did Bellamy’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Provide numerical support for your answer.