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  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Mick McGuire",
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  "presentationDate": "2017-04-20 00:00:00",
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  "notes": "The slide uses a 'villain' framing by attributing margin loss to 'expense mismanagement'.",
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      "kind": "callout",
      "text": "Underperforming the industry(1)",
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      "text": "-590 bps since Q1'14 peak",
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      "text": "4-Wall Margins: -590 bps",
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      "text": "Source: Company filings, Wall Street research. (1) Underperformance relative to industry refers to Knapp-Track.",
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      "text": "SSS GROWTH IS AT LOWEST LEVELS IN OVER A DECADE, DUE TO DEEP & ACCELERATING DECLINES IN TRAFFIC AND MIX",
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      "kind": "title",
      "text": "MARCATO BELIEVES \"4-WALL\" MARGINS HAVE SUFFERED DUE TO EXPENSE MISMANAGEMENT",
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      "kind": "title",
      "text": "SAME-STORE SALES GROWTH, TRAFFIC, AND MARGINS HAVE ALL DETERIORATED",
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      "evidence": "The document provides a solution: REITERATING MARCATO'S MULTI-LEVEL PLAN TO CREATE VALUE FOR BWLD SHAREHOLDERS",
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