They pay tax on the $11.9m as that is the actual profit.
The gross margin and gross profit are largely irrelevant as it doesn't include any of the costs to run the business or the impending writedowns of aged and obsolete inventory. it doesn't even include rent expenses. $4b over 10 years is not alot.
Furthermore they will see higher than 3% losses in revenue as online sales increases as a proportion of the market. Then there is the growth of Kogan, ASOS, Amazon and the other online startups such as institchu and similar.
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