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4."35 $"1*5"-
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“Regardless of whether it is a good or bad month the bills are paid and the money that is left is almost pure profit.” ¸)` I`WHZZPUN [OLZL TPKKSL TLU [OL THYNPU ILJVTLZ L_JLSSLU[ MVY [OL WHY[PJPWH[PUN ^PULYPLZ ILJH\ZL ^L JHU [YLH[ P[ SPRL H JLSSHY KVVY ;OL` ZL[ [OL ZLSS WYPJL VU [OLPY NVVKZ IHZLK VU [OLPY V^U PU[LSSPNLUJL VM ^OH[ [OL JVTWL[P[PVU PZ KVPUN [OLU ^OLU [OL` ZLSS [OL ^PUL [OH[ THYNPU PZ HSS YL[HPULK I` [OL ^PULY` ¹ ;OL ILULÄ[Z MVY ^PULYPLZ PZ PTTLKPH[LS` VI]PV\Z ¸( IV[[SL VM ^PUL TPNO[ IL ZLSSPUN PU :PUNHWVYL MVY HIV\[ <UKLY >,?0»Z TVKLS [OL ^PULY`»Z [HRL ^V\SK IL HIV\[
0UZ[LHK VM THRPUN H IV[[SL [OL` HYL THRPUN TVYL I` NVPUN KLLWLY PU[V [OL ZHSL HUK [HRPUN TVYL JVU[YVS V]LY [OL [YHUZHJ[PVU ¹ ;OL WV[LU[PHS MVY >,?0 SPLZ PU PUJYLHZPUN KPZ[YPI\[PVU HUK YL[HPS VWLYH[PVUZ PU LHJO [HYNL[ THYRL[ ,SSPV[[ ZHPK WVPU[PUN V\[ [OH[ [OL I\ZPULZZ ^V\SK OH]L TVZ[ VM P[Z JVZ[Z WYLWHPK ¸;V WHY[PJPWH[L PU [OL WYVNYHT ^L JOHYNL H ÅH[ HKTPU MLL VM WLY TVU[O WLY WHSSL[ >OL[OLY [OL WHSSL[ PZ M\SS OHSM M\SS VY LTW[` [OH[ MLL PZ JOHYNLK ¹ OL ZHPK ¸0UP[PHSS` ^OLU ^L WVVS [OH[ TVUL` MYVT HSS [OL ^PULYPLZ [VNL[OLY P[ W\[Z \Z PU H IYLHR L]LU WVZP[PVU VM HIV\[ WLY TVU[O >L \ZL [OH[ [V WH` [OL YLU[ ^HNLZ HK]LY[PZPUN HUK LSLJ[YPJP[` ¸/V^L]LY HZ [OL ZHSLZ PUJYLHZL ^PULYPLZ ^PSS ULLK [V OVSK TVYL Z[VJR ILJH\ZL [OLYL PZ Z\JO H SV^ LU[Y` WVPU[ (Z [OL Z[VJR Z[HY[Z TV]PUN [OLU [OL` ^PSS ULLK [V JVTTP[ [V TVYL WHSSL[Z HUK ILJH\ZL P[ PZ H Ä_LK JVZ[ TVKLS [OLU [OL UL_[ TVUL` [OYV\NO PZ ULHYS` W\YL WYVÄ[ ¸(SS [OL JVZ[Z HYL WHPK I` [OL ^PULYPLZ HUK [OL` HYL Ä_LK JVU[YHJ[Z ZV YLNHYKSLZZ VM ^OL[OLY P[ PZ H NVVK VY IHK TVU[O [OL IPSSZ HYL WHPK HUK [OL TVUL` [OH[ PZ SLM[ PZ HSTVZ[ W\YL WYVÄ[ ¹ ;OL JVTWHU` PZ I\KNL[PUN [V WYV]PKL HSTVZ[ H TPSSPVU IV[[SLZ H `LHY PU[V :PUNHWVYL I` [OL LUK VM P[Z ZLJVUK `LHY YLWYLZLU[PUN H THYRL[ ZOHYL ;V YLHJO [OH[ [HYNL[ [OL JVTWHU` ^PSS IL OVSKPUN HYV\UK IV[[SLZ PU Z[VJR LHJO TVU[O NLULYH[PUN HIV\[ YL]LU\L ¸)LJH\ZL HSS V\Y Z[HY[ \W JVZ[Z HUK LZ[HISPZOTLU[ JVZ[Z HYL WHPK MVY [OL YPZR PZ HSTVZ[ ULNSPNPISL ;OL ^PULYPLZ HYL PU MVY [OL SVUN OH\S HUK PU YL[\YU MVY J\[[PUN V\[
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4."35 $"1*5"-
9
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10
4."35 $"1*5"-
JVTWL[L VU WYPJL ^P[O [OL IYPJRZ HUK TVY [HY YL[HPSLYZ ^OV ^V\SK UV[ IL HISL [V TH[JO V\Y WYPJL ^P[O [OLPY Z\IZ[HU[PHS PUMYHZ[Y\J[\YL ^OPJO PZ HSYLHK` PU WSHJL ¸>L OH]L ILLU NYV^PUN YHWPKS` ZPUJL ^L LZ[HISPZOLK [OL I\ZPULZZ ;OYV\NO V\Y V^U LU[Y` SL]LS WYVK\J[Z ^L OH]L OHK MHU[HZ[PJ YL]PL^Z 9L]LU\LZ OH]L ILLU Z[YVUNS` VU [OL \W ZPUJL [OL PUJS\ZPVU VM [OL IYHUKLK WYVK\J[Z PU [OL SHZ[ ZP_ TVU[OZ ¹ >P[O [OL JVTWHU` HSZV YLJLU[S` ÄUHSPZ PUN HYYHUNLTLU[Z MVY M\SÄSTLU[ [V IL HISL [V VMMLY ¸UL_[ KH` KLSP]LY`¹ MVY J\Z[VTLYZ 4J,U[LL ZHPK [OL WYPTHY` MVJ\Z UV^ ^HZ [V KYP]L TVYL [YHMÄJ [V [OL ^LIZP[L [OYV\NO IYHUKPUN HUK THYRL[PUN ¸( Z\IZ[HU[PHS HTV\U[ VM PU]LZ[TLU[ ^PSS NV PU[V NL[[PUN V\Y UHTL HUK IYHUK V\[ [OLYL [OYV\NO THYRL[PUN HUK WYVTV[PUN [OL I\ZPULZZ ¹ OL ZHPK ¸;OLYL ^PSS HS^H`Z IL VUNVPUN 0; KL]LS VWTLU[ ZV ^L ULLK OPNO X\HSP[` Z[HMM PU TLYJOHUKPZPUN 0; HUK M\SÄSTLU[ ^OPJO HSZV ULLKZ JHWP[HS
“We knew we could compete with bricks and mortar retailers” ¸;OL V[OLY ULLK PZ MVY VWWVY[\UPZ[PJ Z[VJR W\YJOHZLZ ^OLYL ^L JHU WH` \WMYVU[ MVY NVVKZ ^OPJO HYL H]HPSHISL ^OLYL Z\WWS` PZ SPTP[LK >L JHU [OLU LUZ\YL V\Y UL_[ KH` KLSP]LY` WVSPJ` PZ THPU[HPULK ¹ ¸>L OH]L I\PS[ [OL MV\UKH[PVU VM [OL JVTWHU` [V IL H ZJHSHISL I\ZPULZZ ^OPJO OHZ ILLU ^OH[ ^L OH]L ILLU MVJ\ZPUN VU PU [OL SHZ[ ZL]LU [V UPUL TVU[OZ 5V^ P[ PZ HSS HIV\[ ZHSLZ HUK THYRL[PUN >L»YL OVWPUN [V OP[ ZVTL WYL[[` HNNYLZZP]L ZHSLZ [HYNL[Z ^OPJO ^L ILSPL]L HYL HJOPL]HISL NP]LU ^OH[ OHZ ILLU KVUL PU V[OLY HYLHZ VM [OL VUSPUL
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4."35 $"1*5"-
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4."35 $"1*5"-
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+Y )HYUL[[ ZHPK ยธ>L OH]L WHY[ULYLK ^P[O H JVTWHU` PU 5:> ^OPJO PZ WSHUUPUN H ]LY` SHYNL ZJHSL OVY[PJ\S[\YL HX\HJ\S[\YL Z`Z[LT >L HYL ]LY` MVY[\UH[L PU WHY[ULYPUN ^P[O [OLT ILJH\ZL ^L OH]L HJJLZZ [V [OLPY MHJPSP[` HUK [OLPY L_WLY[PZL PU HX\HWVUPJZ ยน <[PSPZPUN V[OLY JVTWHU`ยปZ WYVK\J[Z HUK L_WLY[PZL PZ H OHSSTHYR VM [OL HWWYVHJO 8WVUPJZ PZ [HRPUN [V [OL THYRL[ HZ +Y )HYUL[[ L_WSHPULK ยธ6UL VM V\Y N\PKPUN WYPUJPWSLZ PZ [OH[ ^L KVUยป[ ^HU[ [V IL ZWLUKPUN `LHYZ HUK `LHYZ KL]LSVWPUN [LJOUVSVN` ^L ^HU[ [V HKVW[ [OL SLHKPUN LKNL ILZ[ WYHJ[PJL [LJOUVSVN` [OH[ PZ VU [OL THYRL[ ยน OL ZHPK ยธ9H[OLY [OHU ZWLUKPUN [V TPSSPVU KL]LSVWPUN H WHY[PJ\SHY WYVK\J[ ^L TH` IL HISL [V I\` PU[V P[ MVY TPSSPVU ยถ P[ PZ T\JO TVYL JVZ[ LMMLJ[P]L HUK VM JV\YZL ^L
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4."35 $"1*5"-
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4."35 $"1*5"-
PUN [V L_WHUK HUK NYV^ YHWPKS` [V JHWP[HSPZL VU PU[LYUH[PVUHS KLTHUK ยธ>L OH]L NV[ [V H Z[HNL ^OLYL ^L OH]L LZ[HISPZOLK H ^HYLOV\ZL PU [OL <: ^L OH]L H 79 JVTWHU` HUK HNLUJ` V]LY [OLYL YLHK` [V ZLSS MVY \Z OV^L]LY ^L ULLK JHWP[HS [V NL[ TVYL WYVK\J[Z PU[V [OL ^HYL OV\ZL HUK NL[ [OL 79 JHTWHPNU YVSSPUN V]LY [OLYL ยน OL ZHPK ยธ>L ^HU[ [V L_WHUK V\Y (ZPHU KPZ[YPI\ [PVU HZ ^LSS 6\Y /VUN 2VUN KPZ[YPI\[VY OHZ KVUL ]LY` ^LSS MVY \Z PU P[ WYVIHIS` KPK OHSM H TPSSPVU KVSSHYZ PU I\ZPULZZ ยธ>L OH]L PKLU[Pร LK H KPZ[YPI\[VY PU :V\[O 2VYLH [OH[ ^L ILSPL]L ^PSS IL HISL [V KV H ZPTPSHY HTV\U[ PU [OL ZHTL [PTLMYHTL >LยปYL SH\UJOPUN [OLYL PU LHYS` ยน ;OL JVTWHU` PZ HSZV L_WSVYPUN V[OLY NYV^[O Z[YH[LNPLZ ^P[O KPZ[YPI\[VYZ PU :PUNH WVYL )Y\ULP HUK 4H`SH`ZPH ยธ;OL (ZPHU THYRL[ PZ KVPUN YLHSS` ^LSS MVY \Z HUK VUL VM [OL YLHZVUZ P[ PZ KVPUN ZV ^LSS PZ [OL WYVISLTZ [OH[ *OPUH OHK ^P[O JVU[HTPUH[LK IHI` WYVK\J[Z ยน -LYYL[[ ZHPK ยธ0U [OL (ZPHU THYRL[ PU WHY[PJ\SHY WYVK \J[Z [OH[ HYL THKL PU *OPUH BHYL Z[Y\NNSPUND )LJH\ZL LHJO MHTPS` PZ VUS` HSSV^LK VUL JOPSK [OL` HYL ZWLUKPUN HU LUVYTV\Z HTV\U[ VM TVUL` LUZ\YPUN [OL ILZ[ MVY [OLPY JOPSKYLU HUK [OL` WH` H WYLTP\T WYPJL MVY VYNHUPJ WYVK\J[Z ยน (]HKVยปZ <: Z[YH[LN` PZ SVVRPUN [V L_WHUK IL`VUK VUSPUL YL[HPS PU[V THPUZ[YLHT VYNHUPJ WYVK\J[ YL[HPSLYZ ยธ>OVSLMVVK 4HYRL[Z PZ H JOHPU Z[VYL ^OPJO VUS` ZLSSZ WYLTP\T WYVK\J[Z Z\JO HZ VYNHUPJ MVVK HUK ZRPUJHYL WYVK\J[Z ยน -LYYL[[ ZHPK ยธ0U [LYTZ VM [OL ^VYR ^L OH]L ILLU KVPUN [V LUZ\YL [OL WYVK\J[ PZ JLY[Pร LK HUK KLSP]LYLK WYVWLYS` ^L [OPUR ^L JHU LZ[HISPZO H Z[YVUN THYRL[ ZOHYL PU [OL UL_[ [OYLL [V ร ]L `LHYZ ยธ0M ^LยปYL HISL [V IL Z[VJRLK I` >OVSL
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4."35 $"1*5"-
23