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Forecasting an Income Statement Assume Abercrombie & Fitch reports the following income statements. Income Statement, For Fiscal Years Ended ($ thousands) 2011 2010 Net sales
Forecasting an Income Statement Assume Abercrombie & Fitch reports the following income statements.
Income Statement, For Fiscal Years Ended ($ thousands) | 2011 | 2010 |
---|---|---|
Net sales | $ 3,749,847 | $ 3,318,158 |
Cost of goods sold | 1,238,480 | 1,109,152 |
Gross profit | 2,511,367 | 2,209,006 |
Stores and distribution expense | 1,386,846 | 1,187,071 |
Marketing, general and administrative expense | 395,758 | 373,828 |
Other operating (income), net | (11,734) | (9,983) |
Operating income | 740,497 | 658,090 |
Interest income, net | (18,408) | (13,896) |
Income before income taxes | 758,905 | 671,986 |
Provision for income taxes | 283,628 | 249,800 |
Net income | $ 475,277 | $ 422,186 |
Forecast Abercrombie & Fitch's 2012 income statement assuming the following income statement relations. Assume no change for all other accounts not listed below. 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 | 13.0% |
Gross profit margin | 67.0% |
Stores and distribution expense/Net sales | 37.0% |
Marketing, general and adminstrative expense/Net sales | 10.6% |
Other operating (income), net/Net sales | -0.3% |
Provision for income taxes/Income before income taxes | 37.4% |
Round your answers to the nearest whole number.
Do not use negative signs with your answers.
Forecasted Income Statement, For Fiscal Years Ended ($ thousands) | 2011 | 2012 |
---|---|---|
Net sales | $3,749,847 | $Answer |
Cost of goods sold | 1,238,480 | Answer |
Gross profit | 2,511,367 | Answer |
Stores and distribution expense | 1,386,846 | Answer |
Marketing, general and administrative expense | 395,758 | Answer |
Other operating (income), net | (11,734) | Answer |
Operating income | 740,497 | Answer |
Interest income, net | (18,408) | Answer |
Income before income taxes | 758,905 | Answer |
Provision for income taxes | 283,628 | Answer |
Net Income | $ 475,277 | $ Answer |
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