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JD question for Matt Argersinger...

Matt
you wrote...

"JD's gross margins have actually declined a bit in recent years -- which is what I expect given the costs associated with purchasing and shipping. At the same time, however, the company's operating margins have increased from under 30% in 2015 to 33% over the trailing 12 months. Those are impressive margins for a business with this kind of scale. For comparison purposes, Amazon, whose business model JD is doing its best imitation of, sports operating margins in the single digits." end quote

However, when I look at the JD accounts they have been loss making at OP level. In the last 12 months they have become profitable but to about 0.5% of sales. Am I missing something or where does your 33% OP come from?
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