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<p>Actually, I do, Big Barron! Regarding your statement that “The average store selling textbooks makes a slim net margin of a few percent” you may want to check these figures for 2010. Obviously, there are costs of operations and infrastructure, but the gross margins should leave plenty for positive net margins. </p>
<p>The source is the National Association of College Stores. NACS’ estimate of U.S. college store sales was $10.18 billion for the 2008-09 fiscal year. </p>
<p>Departmental Gross Margins as a % of Net Sales</p>
<p>New Course Books 22.3%<br>
Custom Published Materials 25.2%<br>
Used Course Books 35.7%<br>
Trade Books 30.1%<br>
Professional Reference Books 23.0% </p>
<p>By the way, here are more profit margin numbers:
TOTAL BOOK SALES 27.1%
TOTAL DIGITAL PRODUCTS 15.8%
TOTAL APPAREL 41.4%
TOTAL GIFTS 37.1%
TOTAL GENERAL MERCHANDISE 33.3%</p>