Preparing a Classified (Multiple-Step) Income Statement and Interpreting the Gross Profit Percentage (AP5-3) Nordstrom, Inc., is a leading fashion retailer that offers customers an extensive selection of high-quality fashion brands focused on apparel, shoes, cosmetics, and accessories for women, men, young adults, and children. The items reported on its income statement for an earlier year (ended February 1) are presented here (dollars in millions) in simplified form in alphabetical order: Cost of goods sold $ 9,932 Interest expense 102 Net revenue 15,524 Other selling, general, and administrative expenses 4,808 Income tax expense 186 Weighted average shares outstanding 155 Source: Nordstrom, Inc. Required: Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of earnings per share. What is the gross profit percentage? Explain its meaning.