In the private-label operating benchmarks section on p. 7 of each issue of the FIR, the industrylow, industry-average, and industry-high benchmarks for the margins over direct costs (as explained in the Help section for this same page) should be interpreted as representing the net profit earned (or lost - in the case of a negative number) on each pair of private-label footwear supplied to a given region's chein retailers. how much sellers of private-label footwear received per pair that were over and above materials costs and direct labor costs--these dollars are automatically deposited in the seller's retained earnings account and help boost the seller's ROE and stock price. how much sellers received on each pair of private-label footwear supplied to chain retailers over and above direct materials and labor costs--these dollars represent free cash flow that company managers can use for whatever purpose they see fit. how much sellers of private-label footwear received per pair that help cover the seller's corporate overhead and help lower the seller's debt-to-assets ratio. how much sellers of private-label footwear received over and above the costs per pair sold; these margins, if positive, serve to improve a seller's operating profit in the designated region