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  "docId": "019dd923-622c-750b-8b98-898f7b790f90",
  "docSlug": "ecb6f6c63e11",
  "documentTitle": "Dollarama Inc. (DOL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 13,
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  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a combination of bar/line charts to show the divergence between transaction size and store traffic.",
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      "kind": "callout",
      "text": "Between a rock and a hard place: Does management continue to erode Dollarama’s value proposition with price increases, or keep prices steady and hope for traffic contraction to reverse?",
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      "kind": "callout",
      "text": "Average Quarterly YOY Growth in Per Store Traffic: -1.8% since Q1 2014",
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      "kind": "callout",
      "text": "Between a rock and a hard place: Does management continue to erode Dollarama's value proposition with price increases, or keep prices steady and hope for traffic contraction to reverse?",
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      "kind": "chart",
      "text": "Growth in Revenue per Store Driven by Transaction Size Growth Against Declining Traffic",
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      "text": "Transaction Size Growth Driven by Shift in Ticket Mix with Rising Price Points",
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      "text": "Per Store Traffic Growth: -1.8%",
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      "kind": "paragraph",
      "text": "Contracting store traffic puts per-store sales growth at risk absent further price increases, but we question whether price-driven SSS growth is sustainable as higher prices erode Dollarama’s value proposition and put it in closer competition with more comprehensive big-box retailers. Management has expressed reluctance to raise prices further in the near term regardless (though they said the same when the max price was bumped to $3 several years ago). With recent price increases now lapping for the first time, SSS growth may be at risk.",
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      "kind": "paragraph",
      "text": "Growth in per-store sales has been driven by transaction size growth against declining per-store traffic. Transaction size growth has itself been driven by sales of higher-priced items: Dollarama’s maximum price point has risen from $1 prior to FY 2008, to $2 in FY 2008-09, to $3 in FY 2012, to $4 in FY 2017.",
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      "kind": "title",
      "text": "Per-Store Traffic Growth Stagnant, But Opportunities For Price Increases May Be Exhausted",
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