a reported basis, EBIT at Converse grew 17% for fiscal 2014 as higher revenues and gross margin were partially offset by higher selling and administrative expense. Gross margin increased 80 basis points, primarily due to growth in higher-margin territories and products within our direct distribution markets. Selling and administrative expense grew faster than revenue for fiscal 2014 due to higher operating overhead to support growth initiatives and DTC expansion, as well as higher demand creation spending. 

Corporate 

Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through our central foreign exchange risk management program. 

The Corporate loss before interest and taxes consists largely of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to our corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses. 

In addition to the foreign currency gains and losses recognized in Corporate revenues, foreign currency results in Corporate include gains and losses resulting from the difference between actual foreign currency rates and standard rates used to record non-functional currency denominated product purchases within the NIKE Brand geographic operating segments and Converse; related foreign currency hedge results; conversion gains and losses arising from re-measurement of monetary assets and liabilities in non- functional currencies; and certain other foreign currency derivative instruments. 

Fiscal 2015 Compared to Fiscal 2014 

For fiscal 2015, Corporate’s loss before interest and taxes increased $65 million primarily due to the following: 

• a $211 million increase in corporate overhead expense related to corporate initiatives to support growth of the business as well as performance-based compensation; 

• a $144 million beneficial change from net foreign currency losses to net foreign currency gains, reported as a component of Other (income) expense, net; and 

• an approximate $2 million increase in foreign exchange losses related to the difference between actual foreign currency exchange rates and standard foreign currency exchange rates assigned to the NIKE Brand geographic operating segments and Converse, net of hedge gains; these losses are reported as a component of consolidated gross margin. 

Fiscal 2014 Compared to Fiscal 2013 

For fiscal 2014, Corporate’s loss before interest and taxes increased by $127 million primarily due to the following: 

a $101 million increase in corporate overhead expense related to corporate initiatives to support the growth of the business as well as performance- based compensation; 

a $90 million increase in net foreign currency losses, reported as a component of Other (income) expense, net; and 

a $ 56 million decrease in foreign exchange losses related to the difference between actual foreign currency exchange rates and standard foreign