Yeah the SAS analysis on merchants funded (during Jan especially) had a profitability rate of 48% compared to an average of 83% through the remaining quarters.


Reasons why are multiple factors... as Sean eluded to coming off weak months during holidays when extra inventory was bought with the expectations of high sales and then having to discount merchandise for a loss during Jan and Feb. The taking advances to cover taxes is a factor... but also the seasonal merchants are funded in this quarter with the hopes that they will have the same level of sales as they did last year.