{
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  "docSlug": "06bee195e08c",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-06-13 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 18,
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  "notes": "The slide uses a '4-Wall Margin' summary row above the stacked bars to show the net effect of these cost changes.",
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      "kind": "callout",
      "text": "As a percentage of sales, labor costs are the only level of BWLD's restaurant-level expenses to have increased over the last decade",
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      "kind": "chart",
      "text": "COMPOSITION OF RESTAURANT-LEVEL COSTS AS % OF SALES",
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      "text": "As a percentage of sales, labor costs are the only level of BWLD's restaurant-level expenses to have increased over the last decade. We believe that steeper increases in future labor costs can be avoided by converting BWLD to a predominantly-franchised company. The impact to margins from cost inflation has historically been offset by consistent menu price adjustments, which may not be sufficient or feasible in the future.",
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      "text": "Labor cost as % of sales: +166 bps",
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      "kind": "source-note",
      "text": "Source: Company filings. Operating expense includes advertising and marketing, repair and maintenance, and entertainment expense.",
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      "kind": "title",
      "text": "FRANCHISING TODAY CAN DE-RISK LABOR COST HEADWINDS",
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