Forecasting an Income Statement Abercrombie & Fitch reports the following income statements. Income Statement, For Fiscal Years Ended ($ thousands) Net sales Cost of goods sold Jan. 29, 2011 Jan. 30,2010 Jan. 31,2009 $3,468,777 $2,928,626 $3,484,058 1,256,596 1,045,028 1,152,963 1,883,598 2,331,095 1,425,950 1,436,363 Gross profit 2,212,181 Stores and distribution expense 1,589,501 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 fromcontinuing operations 150,283 78,953 308,169 Loss from discontinued operations, net of tax Net income $150,283 (78,699) $ 254 (35,914) $272,255 Forecast Abercrombie & Fitch's fiscal 2012 income statement assuming the following income statement relations. All percentages, other than sales growth and provision for income taxes, are based on percent of net sales. (Round your answers to the nearest whole number.) Net Sales growth 10% Cost of Goods Sold/Net sales Stores and distribution expense/Net sales 36% 46% Marketing, general and administrative expense/Net sales 12% Other operating income, net 10,056 Interest Expense Income,net 3,362 Tax expense from continuing operations (% of pretax income) Net loss from discontinued operations (net of taxes) 34% 0 Round answers to the nearest whole number. Do not use negative signs with your answers. Forecasted Income Statement, For Fiscal Years Ended ($ thousands) Net sales 2011 $3,468,777 $ 2012 0 Cost of goods sold 1,256,596 0 Gross profit 2,212,181 0 Stores and distribution expense 1,589,501 0 Marketing, general and administrative expense 400,804 0 Other operating income, net 10,056 0 Operating income 231,932 0 Interest expense (income), net 3,362 0 Income from continuing operations before taxes 228,570 0 Tax expense from continuing operations 78,287 0 Net income fromcontinuing operations Net loss from discontinued operations (net of tax) Net Income $ 150,283 $ 150,283 0 0 0 0