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  "documentTitle": "Deckers Outdoor Corporation (DECK)",
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  "authorName": "Richard T. McGuire III",
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      "text": "Total SG&A intensity is up 600bp over the last three years.",
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      "text": "Answer from Thomas George (CFO): “Yes, Scott, some of that is related to retail stores, and that we're closing about 21 stores this year. A lot of those are going to close in the fourth quarter. So we had some additional stores in the third quarter. Some of it is some additional marketing around our E-Commerce business. And another item is there are some increased incentive comp this year relative to year ago, and that's really related to -- incentive comp related to lower levels of management relative to a year ago.”",
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      "text": "2/2/17 Earnings Call Research Analyst: “...it looks like if you take out that $7 million of cost savings you're talking about in 4Q, you're still looking at almost 10% SG&A growth in fourth quarter against the minus 5% top line. So I'm just wondering what are you spending on that need to grow SG&A that much in the 4Q.”",
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      "text": "Despite a reduced investment outlook, we remain concerned with the pace of SG&A spend to support growth of owned retail doors, which could still generate lower marginal returns than anticipated leaving earnings growth challenged longer-term. Total SG&A intensity is up 600bp over the last three years.",
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      "text": "\"Despite a reduced investment outlook, we remain concerned with the pace of SG&A spend to support growth of owned retail doors, which could still generate lower marginal returns than anticipated leaving earnings growth challenged longer-term. Total SG&A intensity is up 600bp over the last three years.\" — 1/30/15 Credit Suisse. \"...it looks like if you take out that $7 million of cost savings you're talking about in 4Q, you're still looking at almost 10% SG&A growth in fourth quarter against the minus 5% top line.\" — Research Analyst, 2/2/17 Earnings Call. \"Some of it is some additional marketing around our E-Commerce business. And another item is there are some increased incentive comp this year relative to year ago, and that's really related to -- incentive comp related to lower levels of management relative to a year ago.\" — Thomas George (CFO), 2/2/17 Earnings Call.",
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      "kind": "title",
      "text": "SELL-SIDE RESEARCH ALSO CONCERNED ABOUT INCREASE OF SG&A EXPENSES",
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