Shown below are selected data from the financial statements of Supreme Co. Dollar amounts are in millions (except for the per share data).

Income statement data:
Net sales	$	1,330
Cost of goods sold	$	545
Operating expenses	$	465
Net income	$	440
Balance sheet data:
Average total equity	$	2,900
Average total assets	$	4,500

Supreme reported earnings per share for the year of $3 and paid cash dividends of $3 per share. At year-end, the Wall Street Journal listed Supreme's capital stock as trading at $93 per share.

Supreme's gross profit rate was: