That's pretty close. To put some numbers to it - Operating income margins for 2019 (this is before taxes, and using pre-Covid). Deckers 16%, Nike 12.2%, V.F.

That's pretty close. To put some numbers to it - Operating income margins for 2019 (this is before taxes, and using pre-Covid). Deckers 16%, Nike 12.2%, V.F. Corp 12%, Adidas 11.3%, Crocs 10.4%, Skechers 10%, Steve Madden 10%, Foot Locker 9.3%, Wolverine 7.5%, Shoe Carnival 4.8%, Under Armour 4.5%, Caleres 4%, Designer Brands Inc 3.7% Look at what Under Armour charges and look at those horrific margins. By comparison, big tech's operating income margins: Facebook 42.5%, Microsoft 41.6%, Oracle 38.5%, Adobe 35.4%, Nvidia 33.3%, Qualcomm 31.7%, Intel 29.2%, Apple 28.7%, Google 28.4%, Cisco 27.5%, Netflix 21.8%, and so on.