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Below is information for Nike, Inc. Nike, Inc. Consolidated Statements of Income ($ in Millions) 12 Months Ended May 31, 2019 May 31, 2018

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Below is information for Nike, Inc. Nike, Inc. Consolidated Statements of Income ($ in Millions) 12 Months Ended May 31, 2019 May 31, 2018 Revenues/net sales Cost of sales Gross profit 39,117 36,397 21,643 20,441 17,474 15,956 Demand creation expense Operating overhead expense 3,753 3,577 8,949 7,934 Interest expense (income), net 49 54 Other (income) expense, net (78) 66 Income before income taxes 4,801 4,325 Income tax expense 772 2,392 Net Income 4,029 1,933 Perform horizontal analysis on demand creation expense for 2019 using 2018 as the base yea For ratios or calculations expressed as a percentage, convert from decimal format to percentage format (e.g. 0.1234 to 12.34). Round answer to two decimal places. %

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