{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 36,
  "pageCount": 53,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses visual evidence (maps and photos) to contrast old and new store locations in Huntsville and Ste-Agathe-Des-Monts.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "map",
    "photo"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/36",
  "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-36",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.15,
        "x": 0.68,
        "y": 0.5
      },
      "kind": "callout",
      "text": "Notice Dollarama sign turned inside-out, indicating closure",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5b9c660-ebca-478f-8318-61d785dc6597",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Dollarama’s official “Comparable Store Sales” figure includes “relocated and expanded” stores as “comparable stores,” therefore picking up growth in traffic which can be attributed to relocation-related improvements.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9edf-1def9a535d1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.75,
        "y": 0.27
      },
      "kind": "image",
      "text": "Ste-Agathe relocation map",
      "attrs": null,
      "subkind": "map",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2029a256-a8c1-49e6-97f7-2e532346f978",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.25,
        "y": 0.27
      },
      "kind": "image",
      "text": "Huntsville relocation map",
      "attrs": null,
      "subkind": "map",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9517c41c-bf2a-4df5-ba9b-658b7c99cfb5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.4,
        "x": 0.55,
        "y": 0.45
      },
      "kind": "image",
      "text": "Ste-Agathe store photos",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03cf6bf7-1117-410d-94e7-529e2b8be99a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "image",
      "text": "Huntsville store photos",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1cdaa194-34bb-40e0-b40f-5673e01d4cee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Dollarama's official “Comparable Store Sales” figure includes “relocated and expanded” stores as “comparable stores,” therefore picking up growth in traffic which can be attributed to relocation-related improvements. We believe that this likely overstates Comparable Store Sales growth, while also ignoring associated relocation-related expenses.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75b0bda5-d432-46c4-830b-48059a7a04cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.87
      },
      "kind": "paragraph",
      "text": "Management not only hides store closure data as a supposedly uninformative statistic, but proclaims that it has NEVER closed a store due to poor performance. We find it difficult to believe that a retailer which has existed in its current format since 1992 has never needed to close a store for poor performance.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4abe49e-74dc-4b66-8065-916fa7ee0c90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.98
      },
      "kind": "source-note",
      "text": "1) See Q1 FY 2014 earnings call transcript",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5845cb9-8f5d-4025-a51a-cf9d836cbdf5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.308,
        "y": 0.05
      },
      "kind": "title",
      "text": "SSS Metrics Obfuscate Store Performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c91f941-80ba-4dd9-80d8-558eef064b3f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "bc297d0b-c081-4e38-99d9-2b0ef9e97692",
      "evidence": "Exposing accounting manipulation of SSS metrics and management claims.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}