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At a time when most companies outside the energy/material complex show declining margins, the leading online retailer in South Korea continues to expand margins at a fast clip. Gmarket (GMKT) reported on 7/29 that Q2 operating margins expanded nearly 300 basis points from 15.9% to 18.8% over Q1 and 500+ basis points over last years 13.6%. This growth lead to $0.30 earnings (or roughly $0.27 excluding a tax benefit) which far exceeded the $0.21 analyst estimate.

Q2 Highlights