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Aeropostale, Inc., is a mall-based specialty retailer of casual apparel and accessories. The company concept is to provide the customer with a focused selection of
Aeropostale, Inc., is a mall-based specialty retailer of casual apparel and accessories. The company concept is to provide the customer with a focused selection of high-quality, active-oriented fashions at compelling values. The items reported on its income statement for an earlier year (ended March 31) are presented here (dollars in thousands) in simplified form in alphabetical order: Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $1,733,916 417 2,342,260 494,829 43,583 81,208 Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. b. What is the gross profit percentage? Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. b. What is the gross profit percentage? AEROPOSTALE, INC., Consolidated Income Statement For the Year Ended March 31, Current Year (In Thousands Except per Share Amounts) Net revenue $2,342,260 1,733,916 Cost of goods sold Other selling, general and administration expenses Operating income 494,829 113,098 Interest expense 417 Earnings per share: Basic earnings per share Weighted average shares outstanding Required 1 Required 2 What is the gross profit percentage? (Round your answer to nearest whole percent (i.e., 0.1234 should be entered as 12).). Gross profit percentage %
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