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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "notes": "Uses a 'before-after' style comparison of promotional intensity to highlight business distress.",
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      "text": "Spruce Point does not see where Saputo's competitive edge is with the Nibbl business given there are already multiple direct-to-consumer websites offering cheese baskets, and other food pairings.",
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      "text": "Promotional progression: 15% off, 25% off, 30% off",
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      "text": "Saputo is investing in its e-commerce capabilities and launched a direct-to-consumer specialty cheese platform in Canada called Nibbl. The last comments made on an investor conference call was from February 2022. Since that time, Spruce Point observes that Nibbl has become more promotional to drive sales. For example, we see that it ran three promotions of increasing discounts from 15% to 25% to 30% off everything. Nibbl also changed its shipping terms to offer free shipping on all orders over $65.(1) Spruce Point does not see where Saputo’s competitive edge is with the Nibbl business given there are already multiple direct-to-consumer websites offering cheese baskets, and other food pairings (just to illustrate a few: Hazleton’s, Baskits, Balderson Village Cheese, Bloomex, Etsy).",
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      "text": "As part of our e-commerce strategy, we went live in September with Nibbl, an innovative B2C platform. Nibbl delivers curated specialty cheese boxes, direct-to-consumers in Ontario and in Quebec. We made excellent progress during the quarter with our awareness and marketing campaigns and significantly grew our e-commerce volumes. We are now actively working on expanding our distribution across Canada.",
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      "text": "\"As part of our e-commerce strategy, we went live in September with Nibbl, an innovative B2C platform. Nibbl delivers curated specialty cheese boxes, direct-to-consumers in Ontario and in Quebec. We made excellent progress during the quarter with our awareness and marketing campaigns and significantly grew our e-commerce volumes. We are now actively working on expanding our distribution across Canada.\" — Q3 2022 Conf Call",
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      "text": "Source: Q3 2022 Conf Call; Facebook, Nibblcheese; Way back Machine",
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      "kind": "title",
      "text": "E-Commerce Upside A Long-Shot",
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