Using the following information taken from the 2010 balance sheet and income statement for Urban Outfitters, develop a strategic profit model. (Figures are in millions of dollars.) You can access an Excel spreadsheet for SPM calculations on the student side of the book’s Web site.

Net sales $1,937.8 Cost of goods sold $1,151.7 Operating expenses $ 447.2 Inventory $ 186.1 Accounts receivable $ 78.0 Other current assets $ 422.7 Fixed assets $ 540.0