P14-35A Comprehensive analysis (Learning Objectives 2,3, &4) Block Department Stores' chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has given you the company's income statement and balance sheet, as well as the industry average data for retailers. Block Department Stores, Inc Income Statement Compared with Industry Average For the Year Ended December 31 amounts in thousands Block Industry Average 6 Sales revenues 7 Less: Cost of goods s 8 Gross profit 9 Less: Operating expenses 10 11 Less: Interest expense 12 Income before income taxes 13 Less: Income tax expense 14 Net income 15 782 526,286 255,714 64,220 65.7% 9.5% 0.5% 0.3% rating income 1,173 5,083 Block Department Stores, Inc. Balance Sheet Compared with Industry Average As of December 31 (amounts in thousands) Block Industry Average Assets