Ann: Profit Guidance, page-30

fair point to make. they've rapidly migrated from low cost to serve channels to high cost to serve ones, to be honest I would have thought the incremental volume would have had a very strong influence on COGS/ Purchase Cost deflation...although I suspect global inventory holding would be eating into any advantage. I also suspect that cash outstanding would be well up TY v LY. (all just an educated guess at this point).