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However, the cost of achieving this was a 50 basis point fall in margin to 7.5%.
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The bank said: "We think the risk-reward trade-off now looks attractive given relatively resilient earnings, a favourable operating and financial risk profile, and a share price that appears to be discounting a structural fall in profit margins to a level below the all-time low achieved in 1999.
But the greatest pain will come from the recent fall in margin debt (until recently, the main source of revenue growth for e-brokers), either because customer positions have been forcibly liquidated to cover losses, or because whisps of prudence are in the air.Not surprisingly, their share prices have suffered even more than the overall market.
Its outdoor brands including Millets have seen positive like for like sales, but at the expense of significant falls in margin.
In April, Apple warned that its gross margin would continue to fall in the fiscal third quarter to 36 to 37 percent.
US Bancorp has said it expects its margin to fall again in the current quarter.
However, higher costs in Europe caused the adjusted operating profit margin to fall 89 basis points to 7.63%.
It was achieved despite a 5% fall in total sales to £1.19bn as gross margins improved by 1.8 percentage points.
For example, if the local models are support vector machines, the predictions for objects far away from the separating hyperplane are more likely correct than those for objects falling in the margin.
While it's true the company's operating margins are falling, in part thanks to paying staff more (and isn't it funny how companies rarely moan about boardroom costs, which at Wetherspoon amounted to £2.1m last year?), they're still at above 7 per cent.
Increased tax and marketing expenses caused margins to fall to 46.3% in its March 2011 earnings report.
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