Presentation from Last septrember was not definitive on stores
I Listened to the September presentation and they point out that opening more stores was contingent upon financing. Thus they may not have opened that many, and @$400K renovation, $400K inventory plus other expenses, this may be what trips Dutton, i.e. JADE did not spend a whole lot. By Sept the were already seeing slack in USA orders so they may have slowed down on expansion in China as well and so all $s go to bottom line. Dutton may have overestimated expenses.
USA is only 7% of business and Sams Club was doing very well.