Creating a copy of a previously created theme can be done as follows:
From the main menu click on Marketing » Colors & Styles.
Click on the Create & Customize Your Themes Here link.
In the upper left drop down of the theme editor, choose the theme you'd like to copy.
Click the Save As button below and give your theme a new name.
Your theme will be copied and saved in the drop down list with the new name in the Your Themes section.