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LA Theatres Inc. has two distinct revenue sources, ticket and concession revenues. The following information from LA Theatres Inc. income statements for the past three years is available:
(in millions)
2016
2015
2014
Ticket revenue
$1,731
$1,642
$1,120
Concessions revenue
792
687
411
Total revenue
$2,523
$2,329
$1,531
Cost of goods sold-tickets
$951
$854
$549
Cost of goods sold-concessions
70
69
48
Total cost of goods sold
$1,021
$923
$597
Gross profit
$1,502
$1,406
$934
Calculate gross profit margins for tickets and concessions for all three years. Calculate an overall gross profit margin for LA Theatres Inc. for all three years.
Analyze the changes in gross profit margin for all three years.
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