Stock Price, historical and current end-of-day data provided by eoddata. The decrease in selling and administrative expense in fiscal 2013 was attributable to both lower operating overhead and demand creation spending. Refer to Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements. The failure of these systems to operate effectively or problems with transitioning to upgraded or replacement systems could cause delays in product fulfillment and reduced efficiency of our operations, could require significant capital investments to remediate the problem, and may have an adverse effect on our results of operations and financial condition. The largest direct distribution markets are the United States, the United Kingdom, and China.
We are supplied by approximately 430 apparel factories located in 41 countries. Other expense income , net comprises foreign currency conversion gains and losses from the re-measurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments, as well as unusual or non-operating transactions that are outside the normal course of business. Any significant failure in our distribution facilities could result in an adverse effect on our business. Capital structure ratios include debt to equity and debt to asset ratios, and liquidity ratios include coverage ratios and solvency ratios. We believe our success depends primarily upon our capabilities in design, research and development, production, and marketing rather than exclusively upon our patent position. In addition, we cannot be certain that our unaffiliated manufacturers will be able to fill our orders in a timely manner. The monthly returns are then compounded to arrive at the annual return.
Virtually all of our footwear is manufactured outside of the United States by independent contract manufacturers who often operate multiple factories. Intraday data delayed 15 minutes for Nasdaq, and other exchanges. Data may be intentionally delayed pursuant to supplier requirements. Because of their unique design elements, locations, and size, these stores require substantially more investment than other stores. On a currency neutral basis, most territories in Western Europe reported revenue growth for fiscal 2013, which more than offset revenues declines of 17% and 18% in Italy and Iberia, respectively, reflecting poor economic conditions in southern Europe. People's perception of Nike as an exploiter of workers in developing nations, might cause considerable damage to its brand, and the poor performance of its stock relative to its industry is also one of its weaknesses. We believe cost-effective investments are essential to business growth and profitability.
These factories in addition, employ 29,242 workers. We also file and maintain many U. Competition for employees in our industry is intense and we may not be successful in attracting and retaining such personnel. . All information content was current only as of the date originally presented.
There is a risk we may be unable to sell excess products ordered from manufacturers. Its other strengths include international operations where it is expanding aggressively, innovation of new products and ability to connect with its consumers. Gross margin decreased 30 basis points due primarily to unfavorable foreign currency exchange rates, higher product costs, higher warehousing costs related to distribution center transition challenges in Mexico, and higher discounts, which more than offset higher average selling prices and a favorable shift to higher priced products. . .
These patents expire at various times; and patents issued for applications filed this calendar year in the United States will last until 2028 for design patents and until 2034 for utility patents. In addition, increasing market share concentration among one or a few retailers in a particular country or region increases the risk that if any one of them substantially reduces their purchases of our products, we may be unable to find a sufficient number of other retail outlets for our products to sustain the same level of sales and revenues. A typical financial statement consist of a balance sheet, income statement, cash flow statement and notes to account. 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. Notwithstanding our efforts, such protectionist measures, if implemented, could result in increases in the cost of our products, which may in turn adversely affect our sales or profitability as well as the imported footwear and apparel industry as a whole. The increase in average selling price per pair was driven by price increases and shift in mix toward higher priced products in nearly equal amounts. We establish relationships with professional athletes, sports teams, and leagues to develop, evaluate and promote our products, as well as establish product authenticity with consumers.
Historical, current end-of-day data, and company fundamental data provided by. See rankings and related performance below. The results of the divestiture are presented as discontinued operations. The ever popular one-page Snapshot reports are generated for virtually every single Zacks Ranked stock. The athletic footwear, apparel, and equipment industry is highly competitive on a worldwide basis.
Territories other than direct distribution markets and Japan are serviced by third-party licensees who pay royalty revenues to Converse for the use of its registered trademarks and other intellectual property rights. Significant or continuing noncompliance with such standards and laws by one or more contractors could harm our reputation or result in a product recall and, as a result, could have an adverse effect on our sales and financial condition. Along with and , Nike profits as shown in profit and loss statement give key insights about the business. We make substantial use of our futures ordering program, which allows retailers to order five to six months in advance of delivery with the commitment that their orders will be delivered within a set time period at a fixed price. Unit sales increased 3% while average selling price per unit increased 4%, driven primarily by lower discounts on off-price closeout sales compared to the prior year.
Our future financial results could be significantly affected by the value of the U. Our ability to effectively obtain real estate to open new retail stores and otherwise conduct our operations, both domestically and internationally, depends on the availability of real estate that meets our criteria for traffic, square footage, co-tenancies, lease economics, demographics, and other factors. Revenues for Converse contributed 1 percentage point to our consolidated revenue growth. While we strive to produce products that help to enhance athletic performance, reduce injury, and maximize comfort, if we fail to introduce technical innovation in our products, consumer demand for our products could decline, and if we experience problems with the quality of our products, we may incur substantial expense to remedy the problems. As of May 31, 2014, we had approximately 56,500 employees worldwide, including retail and part-time employees.