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In fact, Morgan Stanley said margin squeeze driven by HDS is its "biggest concern" about the sector.
Despite the difficult sales environment, CVS said margin and cost management would enable the drugstore retail company to deliver earnings within its guidance range.
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Just as importantly, Bason said margins at Primark were higher than expected and ahead of last year's.
Analysts have said margins for the first half of this year are likely to have fallen below 1%.
However it said margins had improved and customers had responded positively to the new packaging and marketing campaign.
While Debenhams reported virtually flat sales and falling margins, Street said margins had held up at John Lewis and that fashion and beauty sales rose 8.5%.
Diamantaires keep their numbers to themselves, but Mr. Bates said margins of some reputable manufacturers went as low as 2 to 3percentt in the late 1990's.
Note that he said margins would be lower, which means they're going to be spending money in the future, not saving it by using a cheaper chipset.
That might give hope to, say, "Margin Call" or "Drive".
Andrew Whittock at Liberum Capital issued a hold recommendation, saying: Margin guidance looks disappointing so forecasts will come back a little.
But its Web site says "margin accounts can be very risky, and they are not suitable for all investors".
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