i question the assumption that the 15% margin continues to be the same for sam's while sales have fallen 40% MOM. there are fixed costs to consider. a significant portion of overhead for a retail operation are fixed, not variable. just because sales go down, doesnt mean your margins stay the same. i think it is dangerous to assume sam's is even profitable right now.
Show me a link or two that supports a profit margin anywhere near 15% for any industry sulja or SAMs even remotely participates in construction supplies, retail hardware supplies, lumber supples, etc
They'd be lucky to pull 8-10% on a strong sales year, in a declining sales year fixed costs probably eat away at what remains of the profit margin damaged by soft prices.
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