(https://news.google.com/rss/articles/CBMidkFVV95cUxPTGRHlVDFWQVMZWfVZjl3ejH0aWFxVz0), and the tape is treating every beat like a victory lap. But here's what the headline misses: $RH and $TGT's margin expansion came from inventory markdown discipline and SG&A cuts, not pricing power or volume growth. When you're squeezing margins by deleveraging payroll and SKU rationalization instead of selling more per square foot, you're not winning—you're managing decline.

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