Question
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
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 |
PLEASE explain how you arrived at your answer----especially when calculating net sales, how did you get that answer? Thank you!
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