RE:Notes on operating income You must remember that for most of this period, RET had fine gross margins but bloated S&A which finally caused them to close over 50 stores many of which were unprofitable .
As a consequence, revenues were in a faster decline than operating costs.
Included also were 2020 and 2021 which were Covid years.
So, historically , pre 2022, many of those years were years of restructuring and falling revenues .
Today, RET is somewhat a different company which generated 34% of its sales in Q4 from e commernce.
Indeed, Q1 of 2022 was still influenced by Covid.