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  "docSlug": "be8f2b4fd241",
  "documentTitle": "Weis Markets, Inc. (WMK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-05 00:00:00",
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  "notes": "The slide outlines the methodology and findings of a proprietary price check.",
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      "text": "We find that its prices are on average 15%-20% higher. Weis' prices decreased 8% relative to peers between mid-year 2017 and 2018. As a result, we expect Weis' gross margins to be pressured in 2018.",
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      "text": "Locations Sampled: Southeast Pennsylvania, July 2017(2) and 2018",
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      "text": "Objective of Study: To determine how price competitive Weis Markets are for a staple of food products relative to industry peers",
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      "text": "Basket of Items Measured: Dairy: Eggs and Milk; Grains: Hamburger Buns, Cereal; Beverages: Orange Juice; Condiments: Ketchup and Baked Beans; Meat/Poultry: Ground Meat and Chicken Breasts",
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      "text": "Competitors Analyzed: Mass Retailers: WalMart; Local Supermarkets: Giants; Low Cost: Aldi's; Upscale Local: Wegman's",
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      "kind": "metric",
      "text": "price premium: 15%-20%",
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      "text": "According to a recent survey by Nielsen on behalf of the National Grocers Association, convenience, followed by price, are the two biggest factors drawing shoppers into the local grocery. (1) We conducted a non-scientific study of Weis' prices relative to peers. We find that its prices are on average 15%-20% higher. Weis' prices decreased 8% relative to peers between mid-year 2017 and 2018. As a result, we expect Weis' gross margins to be pressured in 2018.",
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      "text": "1) National Grocers Association, Feb 2018\n2) We relied on Pennlive's price study for 2017 and YoY comparisons",
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      "kind": "title",
      "text": "Spruce Point's Price Comparison Study",
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