Forecasting an Income Statement Abercrombie & Fitch reports the following income statements.

Income Statement, For Fiscal Years Ended ($ thousands)	Jan. 29, 2011	Jan. 30, 2010	Jan. 31, 2009
Net sales	$ 3,468,777	$ 2,928,626	$ 3,484,058
Cost of goods sold	1,256,596	1,045,028	1,152,963
Gross profit	2,212,181	1,883,598	2,331,095
Stores and distribution expense	1,589,501	1,425,950	1,436,363
Marketing, general and administrative expense	400,804	353,269	405,248
Other operating income, net	(10,056)	(13,533)	(8,778)
Operating income	231,932	117,912	498,262
Interest expense (income), net	3,362	(1,598)	(11,382)
Income from continuing operations before taxes	228,570	119,510	509,644
Tax expense from continuing operations	78,287	40,557	201,475
Net income from continuing operations	150,283	78,953	308,169
Loss from discontinued operations, net of tax	--	(78,699)	(35,914)
Net income	$ 150,283	$ 254	$ 272,255

Forecast Abercrombie & Fitch's fiscal 2012 income statement assuming the following income statement relations. All percentages, other than sales growth and provision for income taxes, are based on percent of net sales.

Net Sales growth	10%
Cost of Goods Sold/Net sales	36%
Stores and distribution expense/Net sales	46%
Marketing, general and adminstrative expense/Net sales	12%
Other operating income, net	10,056
Interest Expense (Income),net	3,362
Tax expense from continuing operations (% of pretax income)	34 %
Net loss from discontinued operations (net of taxes)	0

Instructions: Round answers to the nearest whole number. Do not use negative signs with your answers. Remember to use rounded forecasted net sales with subsequent calculations.

Forecasted Income Statement, For Fiscal Years Ended ($ thousands)	2011	2012
Net sales	$3,468,777	$Answer
Cost of goods sold	1,256,596	Answer
Gross profit	2,212,181	Answer
Stores and distribution expense	1,589,501	Answer
Marketing, general and administrative expense	400,804	Answer
Other operating income, net	10,056	Answer
Operating income	231,932	Answer
Interest expense (income), net	3,362	Answer
Income from continuing operations before taxes	228,570	Answer
Tax expense from continuing operations	78,287	Answer
Net income from continuing operations	150,283	Answer
Net loss from discontinued operations (net of tax)	0	Answer
Net Income	$ 150,283	Answer