Horizontal analysis (trend analysis) percentages for Phoenix Company's sales revenue, cost of goods sold, and expenses are listed here.

Horizontal Analysis                 2019             2018             2017

Sales revenue........................96.2%............104.8%...........100.0%

Cost of goods sold..................101.0.............98.0...........100.0

Expenses.................................105.6..............95.4...........100.0

Explain whether Phoenix's net income increased, decreased, or remained unchanged over the 3-year period.