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This was despite significantly lower overheads.
British bookmakers find it harder to compete against rivals with lower overheads.
It said it could make BAA more efficient with lower overheads, outsourcing and better procurement.
Clothing retailers, facing competition from online firms with lower overheads, have not fared much better.
Such options can often be cheaper, too, thanks to lower overheads.
Increased competition between banks led to lower overheads and lower interest rates on loans.
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"Down there," he said, "you have lower overhead, lower taxes, lower occupancy costs, lower labor costs, lower everything".
Producers like Mr. Friedlos have taken advantage of simpler brews and lower overhead.
With lower overhead and a scaled-down marketing campaign, the business began to show promise.
Newer technology allowed upstart competitors like UrbanBaby.com to have sharply lower overhead costs.
Can we effectively screen over the Internet?" One promise of the Internet is that because of lower overhead, it can deliver goods more cheaply.
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