{
  "docId": "019dd923-622c-750b-8b98-8243e1c3d26d",
  "docSlug": "be8f2b4fd241",
  "documentTitle": "Weis Markets, Inc. (WMK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 17,
  "pageCount": 46,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 15,
  "notes": "The slide uses a grid of product photos with price tags to refute management's claim that they cannot track retail pricing impacts.",
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  "deckHref": "/decks/019dd923-622c-750b-8b98-8243e1c3d26d",
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      "kind": "callout",
      "text": "Weis claims hardship in tracking prices or products sold (don’t worry we’ve done the work): \"Although the Company experienced retail inflation and deflation in various commodities for the years presented, management cannot accurately measure the full impact of inflation or deflation on retail pricing due to changes in the types of merchandise sold between periods, shifts in customer buying patterns and the fluctuation of competitive factors.\"",
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      "kind": "paragraph",
      "text": "Weis claims hardship in tracking prices or products sold (don't worry we've done the work): \"Although the Company experienced retail inflation and deflation in various commodities for the years presented, management cannot accurately measure the full impact of inflation or deflation on retail pricing due to changes in the types of merchandise sold between periods, shifts in customer buying patterns and the fluctuation of competitive factors.\" (10-Q, p. 12, May 10, 2018)",
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      "kind": "quote",
      "text": "\"Although the Company experienced retail inflation and deflation in various commodities for the years presented, management cannot accurately measure the full impact of inflation or deflation on retail pricing due to changes in the types of merchandise sold between periods, shifts in customer buying patterns and the fluctuation of competitive factors.\" — 10-Q, p. 12, May 10, 2018",
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      "kind": "source-note",
      "text": "Source: Spruce Point shopping research, June 2018",
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      "kind": "table",
      "text": "Grid of product comparisons across Aldi, Giant, Wegman's, WalMart, and Weis for Cheerios, Hamburger Buns, and Ground Beef.",
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      "kind": "title",
      "text": "Weis Consistently More Expensive Than Peers",
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      "evidence": "The deck presents various data points and comparisons that worsen the picture of Weis Markets, highlighting its non-competitiveness and financial struggles.",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck presents a detailed breakdown of Weis Markets' business and financials.",
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