Revenue has stayed essentially flat across the three years, which confirms the margin decline is a cost story. Two lines stand out.

Store labor costs have grown significantly as a percentage of revenue, rising from roughly 18% to 24% over the period. This is the single largest driver of margin erosion and warrants immediate investigation. The key questions are whether this reflects wage rate increases, more hours being worked per store, or both, and whether the additional labor is translating into any measurable benefit such as higher conversion or customer satisfaction scores.

COGS has also ticked up modestly as a percentage of revenue, suggesting some combination of input cost inflation or increased discounting to move inventory. This is a secondary but meaningful contributor.

Rent and corporate overhead have remained roughly stable as a share of revenue, which rules them out as primary drivers. The diagnosis points clearly toward store labor as the place to focus next.