11.   Earnings were reduced by three factors, Jennings said -- old stock clearance, reduced sales and a change in the sales mix to lower margin products.

12.   Executives also are concerned about trading profits and the potential for lower margins, particularly on the Nasdaq stock market.

13.   He said the lower margins will mean the building societies are unable to retain profits to increase capital, and that would restrain future growth.

14.   It said the revised estimate reflects lower margins resulting from programs aimed at reducing year-end inventories.

15.   Its recent push to focus on building its line of perfumes and makeup has been criticized by analysts as offering lower margins and being too costly.

16.   Javellana said lower-priced sugar, imported to cope with a domestic shortage, have caused the company to sell refined sugar at lower margins.

17.   Kmart blamed its earnings fall on lower gross margin and a poor showing at its Builders Square and Canadian stores.

18.   Massive commodity firms are increasing their hold on the industry as consumer-products giants retreat from lower margins.

19.   Mild weather forced Delhi to sell more of its natural gas in the lower margin spot market.

20.   Moreover, the electronics business has much lower margins and more price competition, so there is much less room for discounting.