Block Department Stores' chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has given you the company's income statement and balance sheet, as well as the industry average data for retailers. Block Department Stores, Inc. Income Statement Compared with Industry Average For the Year Ended December 31 amounts in thousands Block 4 Industry Average 6 Sales revenues 7 Less: Cost of goods sold 8 Gross profit 9 Less: Operating expenses 10 Operating income 11Less: Interest expense 12 Income before income taxes 13 Less: Income tax expense 14 Net income 15 782,000 526,286 255,714 64,220 91,494 1,173 90,321 5,083 85,238 100.0% 65.7% 343% 19.5% 14.8% 0.5% 14.3% 0.3% 14.0%