Wolverine, Inc., whose two sources of revenue are selling ticket and selling concessions, reports the following financial statement information for the last three years. Dollar amounts are in millions of dollars.

2019 2018 2017

Ticket revenue $ 1,731 $1,642 $1,120

Concessions revenue 792 687 411

Total revenue $ 2,523 $ 2,329 $ 1,531

Cost of goods sold - tickets 951 854 549

Cost of goods sold - concessions 70 69 48

Total cost of goods sold $ 1,021 $ 923 $ 597

Gross profit $ 1,502 $ 1,406 $ 934

Based on this information, a securities analyst is most likely to conclude which of the following statements?

	a.	The company's gross profit margin is declining significantly.
	b.	The company's concessions operation is growing faster than its ticket operation.
	c.	The gross profit margin for the company's ticket operation is higher than the gross profit margin for its concessions operation.
	d.	The company's net profit margin is increasing.