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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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  "pageNumber": 26,
  "pageCount": 46,
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  "density": "dense",
  "nDataPoints": 36,
  "notes": "Uses red arrows to highlight the negative growth trends in 2017.",
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      "text": "Weis gives a misleading view of its underlying sales performance in 2017. The Company says it attributes it sales growth \"primarily\" to acquisitions, but based on our analysis, all of its sales growth (and more) was attributable to acquisitions.",
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      "text": "Pro Forma Organic Sales YoY Growth: -0.5%",
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      "text": "Weis gives a misleading view of its underlying sales performance in 2017. The Company says it attributes it sales growth \"primarily\" to acquisitions, but based on our analysis, all of its sales growth (and more) was attributable to acquisitions. In fact, our analysis suggests total sales declined organically in 2017 by -0.5% and core food and pharmacy sales declined by -1.1%.",
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      "kind": "quote",
      "text": "\"The Company attributes the increased net sales primarily to the acquisition of 44 locations in the second half of 2016.\" — Weis' 2017 10-K, p.13",
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      "kind": "source-note",
      "text": "1) Adjusted for an additional week in 2016 and ex: fuel sales. Source: Weis Markets 10-K Footnote 9 on acquisitions. There were no acquisitions in 2014 or 2015. Note: We do not believe acquired supermarkets included fuel sales",
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      "text": "Financial table showing Reported Net Sales, Pro Forma adjustments for acquisitions, and calculated Organic Sales growth for 2015-2017.",
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      "text": "Weis Sales Commentary Appears Misleading, Organic Sales Now Declining",
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