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  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "pageNumber": 49,
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  "notes": "Uses a 'villain critique' style to highlight management's disconnect from reality.",
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      "kind": "callout",
      "text": "HH's struggling performance may come as a surprise to analysts and investors as management has insisted across calls that the acquisition is going as planned.",
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      "text": "Comparison of executive quotes against the activist's thesis.",
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      "text": "HH's struggling performance may come as a surprise to analysts and investors as management has insisted across calls that the acquisition is going as planned. In our opinion, management remains overly optimistic as HH has been losing market share and has made up for this decline by pushing sales in its own stores. Management has only mentioned growth through its own channels and has not touched on any positives or growth outside of CTC banners. Management may believe that this trend will reverse but it seems highly probable that HH CEO's worry of the acquisition affecting other retail relationships is coming true.",
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      "kind": "quote",
      "text": "\"Third, Helly Hansen's earnings performed as expected in Q2 and year-to-date.\" — Dean McCann, CFO, Q2 2019 Call; \"It's now our fastest-growing asset.\" — Dean McCann, CFO, Q2 2019 Call; \"But in reference to Helly Hansen, our integration efforts and their financial performance are both proceeding on plan.\" — Stephen Wetmore, CEO, Q1 2019 Call; \"they in fact did hit their stretch targets\" — Stephen Wetmore, CEO, Q4 2018 Call.",
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      "kind": "title",
      "text": "Despite Poor Performance, Management Says Everything Is Going As Planned",
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