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  "docSlug": "06bee195e08c",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-06-13 00:00:00",
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  "pageNumber": 30,
  "pageCount": 48,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a dual-axis style visualization (bar for mix, line for margin) to highlight the correlation.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6db-c1be3336de12/30",
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      "kind": "callout",
      "text": "Alcohol as a percentage of restaurant sales declined to 19% in the most recent quarter versus 24% five years ago and ~29% at IPO",
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      "kind": "chart",
      "text": "Bar chart showing Alcohol as % of Sales from 2011 to Q1'16",
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      "text": "Line chart showing '4-Wall' Margin from 2011 to Q1'16",
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      "text": "Alcohol as a percentage of restaurant sales declined to 19% in the most recent quarter versus 24% five years ago and ~29% at IPO. We view this as potentially concerning given the margin structure of BWLD's business. We estimate that typical draft beer is very high margin (~90% per pour). Have consistent menu price increases rendered food 'expensive', thereby reducing 'attach' of alcohol?",
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      "text": "Alcohol as % of Sales: 19%",
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      "kind": "source-note",
      "text": "Source: Company filings.",
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      "kind": "title",
      "text": "ALCOHOL MIX HAS DECLINED CONCURRENTLY WITH MARGINS",
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      "text": "HIGH-MARGIN ALCOHOL MIX DECLINING",
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