Aggregate profits growth has been flattered by the performance of Wall Street firms and distorted by one-off changes in the accounting treatment of inventory profits and depreciation.

利润总额的增长受益于华尔街公司的业绩才变得光彩夺目，而且由于存货利润和折旧的会计处理的一次性改变而被扭曲。

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China's commodity circulation into the new retail era, that is, to reduce inventory or no inventory profits to maximize your first-in first-out, rapid circulation, quality and quantity.

中国商品流通进入新零售时代，即降低库存或无库存利润最大化，贵在货品先进先出，快速流通，保质保量。

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Key indicators for how the business relationship is performing are also agreed upon, such as a ratio of total sales to average inventory, and profits.

双方就衡量业务关系表现的一些关键指标也达成一致，如总销售额与平均库存的比例、利润等。

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Pre-tax profits (with inventory and capital consumption adjustments) declined at a 9.2% annual rate in Q2 and are down 7% since last year, the worst since 2001.

FORBES: Wesbury Calls It--Again

If they are, that may put pressure on next year's profits as the company works off inventory by cutting prices.

FORBES

More inventory means higher financing costs, which mean worse profits.

FORBES: The Detour Economy