How did net income as a percentage of total revenues change from fiscal 2013 to fiscal 2015? Identify the most important reasons for this change.Does Walmart generate high or low profit margins? How do Walmart's profit margins relate to the company's strategy?

Wal-Mart Stores, Inc. Common-Size and Percentage Change Income Statements for the Three Fiscal Years Ended January 31 (allow for rounding} [Integrative Case 1.1} Revenues 100.0% 100.0% 100.0% Cost of goods sold (75.2%) (25.2%) {24.9%} Gross Prot 24.8% 24.8% 25.1% Selling, general and administrative expenses (19.2%) (19.2%) {20.1%} Operating Prot 5.6% 5.6% 5.0% Interest income 0.0% 0.0% 0.0% Interest expense ea) 95) 96} Income before Tax 5.2% 5.1% 4.5% Income tax expense {1.2%} (1.6%) {1.4%} Income {Loss} from discontinued operations i096 % i096 Net Income 3.5% 3.5% 3.1% 2.4% Net Income attributable to noncontrolllng interests (0.1%) (0.2%) {0.1%} 9.4% Net lnoome Attributable to Common Shareholders 3.4% 3.4% 3.0% 2.1% Other comprehensive income items (0.5%) (0.9%) {0.9%} 373.2% Comprehensive Income 2.9% 2.5% 2.1% (10.4%) Source: Wei-Mart Stores. Inc. Fonns 104i. for the three scal years ended January 31. 2014. 20I5. and 20'I6