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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-06-30 00:00:00",
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      "text": "As larger customers continue to grow their share of PBH's revenue, it may become more difficult for PBH to offset the pricing pressure by raising other customers' pricing.",
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      "text": "Historically, when large customers such as Walmart, Target or Costco would pressure PBH's prices, PBH would be able to transfer the “associated cost” to smaller retailers whose customers are less price sensitive. As larger customers continue to grow their share of PBH's revenue, it may become more difficult for PBH to offset the pricing pressure by raising other customers’ pricing.",
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      "text": "“As Walmart and other large retailers continue to grow share is that something that would worry you?”",
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      "text": "“Always. It's always a concern. Walmart, they're the big 800-pound gorilla. They are a big customer, so price is always a concern. So for a Walmart customer, it's very difficult to tell them the value [of named brand products]. For some mid tier stores we could give some concessions. So if price was not delivered, we'll come up with some other ways with volume rebates, IRC, coupons to drive those kinds of things to make up the margin.”",
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      "text": "“For Walmart there is a lot of price pressure there and there's a lot of price pressure on off-invoice discounts. You can't get too creative with Walmart because you need them to help grow your top line. You can be creative with out mid-tier segments, but you can't be too creative with Walmart. Their expansion was hitting our margin with those big retailers.”",
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      "text": "\"Always. It's always a concern. Walmart, they're the big 800-pound gorilla. They are a big customer, so price is always a concern. For a Walmart customer, it's very difficult to tell them the value [of named brand products]. For some mid tier stores we could give some concessions. So if price was not delivered, we'll come up with some other ways with volume rebates, IRC, coupons to drive those kinds of things to make up the margin.\" — Former PBH Employee; \"For Walmart there is a lot of price pressure there and there's a lot of price pressure on off-invoice discounts. You can't get too creative with Walmart because you need them to help grow your top line. You can be creative with out mid-tier segments, but you can't be too creative with Walmart. Their expansion was hitting our margin with those big retailers.\" — Former PBH Employee",
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      "text": "Source: Spruce Point research",
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      "text": "Walmart: Bigger Threat Than Believed To Be",
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