value to our shareholders by building a profitable global portfolio of branded footwear, apparel, equipment and accessories businesses. Our strategy is to achieve long-term revenue growth by creating innovative, “must have” products, building deep personal consumer connections with our brands and delivering compelling consumer experiences at retail and online. 

In addition to achieving long-term, sustainable revenue growth, we continue to strive to deliver shareholder value by driving operational excellence in several key areas: 

Expanding gross margin by: 

–  Delivering innovative, premium products that command higher prices 

while maintaining a balanced price-to-value proposition for consumers; 

–  Reducing product costs through a continued focus on manufacturing efficiency, product design and innovation; 

–  Making our supply chain a competitive advantage by investing in new technologies that increase automation, help reduce waste and have long- term potential to increase both customization of our products and speed to market; and 

–  Driving growth in our higher gross margin DTC business as part of an integrated marketplace growth strategy across our DTC and wholesale operations. 

Optimizing selling and administrative expense by focusing on: 

–  Investments in consumer engagement that drive economic returns in the 

form of incremental revenue and gross profit; 

–  Infrastructure investments that improve the efficiency and effectiveness of our operations; and 

–  Increasing the productivity of our legacy infrastructure. 

Improving working capital efficiency; and 

Deploying capital effectively. 

Through execution of this strategy, our long-term financial goals continue to be: 

High single-digit revenue growth, 

Mid-teens earnings per share growth, 

Strong return on invested capital and accelerated cash flows and 

Sustainable, profitable, long-term growth through effective management of our diversified portfolio of businesses. 

Over the past ten years, we have achieved many of these financial goals. During this time, revenues and diluted earnings per common share for NIKE, Inc., inclusive of both continuing and discontinued operations, have grown 8% and 13%, respectively, on an annual compounded basis. Our return on invested capital has increased from 23.2% to 28.1% and we expanded gross margins by approximately 150 basis points. 

On November 15, 2012, we announced a two-for-one stock split of both Class A and Class B Common shares. The stock split was in the form of a 100% stock dividend payable on December 24, 2012 to shareholders of record at the close of business on December 10, 2012. Common stock began trading at the split-adjusted price on December 26, 2012. All share numbers and per share amounts presented reflect the stock split. 

Our fiscal 2015 results from continuing operations demonstrated NIKE’s ongoing commitment to deliver consistent growth in revenues, earnings and cash returns to shareholders, while investing for long-term growth. Despite significant foreign currency headwinds, we delivered record revenues and earnings per share in fiscal 2015. NIKE, Inc. Revenues grew 10% to $30.6 billion, gross