I guess i should have been clear. I meant "making money" as in having a business model. Being profitable and having a business model are two different things. We can ask Amazon
Ok, so let's ask Amazon: they are both profitable and have a business model (further, for years running now, they've been able to demonstrate profitability whenever they feel like it to satisfy Wall Street worries). Their retail business has always had low margins, no different than Walmart by comparison.