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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "The chart illustrates the 'V-shaped' drop in retail sales for clothing and accessories during the pandemic.",
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      "text": "Advance Retail Sales: Clothing and Clothing Accessory Stores",
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      "text": "Spruce Point believes Avery is a net loser from the results of the COVID-19 pandemic. Avery’s reliance on retail and apparel, one of the sectors hardest hit and in years of secular headwinds, has yet to recover to pre-pandemic levels. As consumer’s behavior begins to shift, slow retail sales will continue to pressure Avery’s ability to grow in the space. There is a major disconnect between Avery’s retail business struggling and its shares near all-time highs.",
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      "text": "Source: U.S. Census Bureau",
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      "text": "Effects Of COVID-19 Result In Significant Challenges To Growth",
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