QS 4-15 Multiple- and single-step income statement presentation LO P4 Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2016, follows (in millions). Net income 1,020 Income before taxes 1,445 Financial income 28 Gross profit 9,379 Financial expenses 74 Royalty and commission income 109 Operating profit 1,491 Other operating income 266 Cost of sales 9,912 Other operating expenses 8,263 Income taxes 425 Net sales 19,291