Use the information in next page to calculate Under Armors Gross Margin, Operating Margin, Profit Margin, Asset Turnover, Inventory Turnover, Account Receivable Turnover, Days in Inventory, Days in Receivables, Days in Payables, Cash Operating Cycle, ROA, ROE and Financial Leverage. Use 200-400 words to give an analysis on UA and NIKEs business model/strategies/performance, financial health and competitive positions, based on the values of ratios (We calculated the ratios of NIKE in class)

Consolidated Income Statements (in millions) Nike Under Armour lululemon For year ending May 31, 2016 Dec. 31, 2015 Jan. 31, 2016 Net sales 32,376 3,963 2,060 Cost of products sold 17,405 2,058 1,063 14,971 Gross profit 1,905 997 Selling, general & administrative expenses 10,469 1,497 628 Operating income 4,502 408 369 Interest Income/expense-net (19) (15) Other Income/expense-net 140 Earnings before tax 4,623 386 368 Income tax expense 863 154 102 Net Income 3,760 232 266 Consolidated Balance Sheets (in m Nike Under Armour lululemon Ons At year begin May 31, 2016 Dec. 31, 2015 Jan. 31, 2016 Assets Current assets Cash and Cash Equivalents 3,138 130 501 Short-term Investments 2,319 Accounts Receivables 3,241 434 13 Inventories 4,838 783 284 Other Current Assets 1,489 152 119 15,025 Total current assets 1,499 917 Non-current assets 3,520 Property, Plant and Equipment, Net 539 350 131 Goodwill 585 25 Intangible Assets-net 281 76 Other Long-term Assets 2,439 170 22 Total assets 21.396 2,869 1,314 Liabilities and shareholders' equity Current liabilities Accounts Payable 2,191 200 10 Accrued Liabilities 3,037 193 51 Income Taxes Payable 85 38 Short tem debt 45 42 Other current liabilities 43 127