{
  "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": 27,
  "pageCount": 46,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
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  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Uses direct quotes from SEC filings to highlight management's inconsistency.",
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      "kind": "callout",
      "text": "Looking carefully, we find that management inflated its comps in Q2 by acting as if $12.5m of lost July 4th sales occurred in Q2'18.",
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      "kind": "paragraph",
      "text": "Weis' negative SSS print in Q2'18 caught our attention because it blamed the results partly on Easter and the Fourth of July. We investigated the Company's historical reliance on these holidays. While frequently citing Easter as impacting Q1/Q2 results, we found that that the last time Weis even mentioned the Fourth of July as material to results was 17 years ago in 2001. Looking carefully, we find that management inflated its comps in Q2 by acting as if $12.5m of lost July 4th sales occurred in Q2'18.",
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      "kind": "quote",
      "text": "\"The Company's second quarter sales were adversely affected by holiday shifts on Easter and Fourth of July. The 2018 Easter sales week fell on the last week of the first quarter and the slow selling week afterwards fell in the second quarter this year. While comparatively last year, both holiday selling weeks fell in the second quarter. Additionally, the Fourth of July fell later in the week after the second quarter ended. Management estimates the incremental holiday sales impact was approximately $12.5 million and included it in the second quarter 2018 comparable store sales.\" Source: 2017 10-Q, p.9",
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      "subkind": "pull-quote",
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      "kind": "quote",
      "text": "\"The decrease in inventories in this year is attributable to how the Fourth of July holiday shipping period fell this fiscal year compared to last year.\" Source: Aug 2001 10-Q, p.7",
      "attrs": null,
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    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The Company's second quarter sales were adversely affected by holiday shifts on Easter and Fourth of July. The 2018 Easter sales week fell on the last week of the first quarter and the slow selling week afterwards fell in the second quarter this year. While comparatively last year, both holiday selling weeks fell in the second quarter. Additionally, the Fourth of July fell later in the week after the second quarter ended. Management estimates the incremental holiday sales impact was approximately $12.5 million and included it in the second quarter 2018 comparable store sales.\" — 2017 10-Q, p.9",
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      "kind": "title",
      "text": "More Evidence of SSS Pressure Arises In Q2'18?",
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      "kind": "title",
      "text": "More Excuses Than Ever For A Q2 Sales Comparison:",
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      "kind": "title",
      "text": "The Last Time Weis Even Mentioned 4th of July In An SEC Filing 17 Years Ago:",
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      "evidence": "Contrasts current management claim with historical SEC filing data.",
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