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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a comparison table and callouts to highlight the shift from granular channel-specific commentary to aggregate commentary.",
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      "text": "Saputo claims it is increasing transparency. However, while it continues to struggle in the U.S. we observe it is providing less commentary around the sources of volumes. Notice that Saputo used to provide volume commentary between retail and foodservice. However, in recent quarters this commentary was ceased.",
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      "text": "Notice Saputo no longer giving volume trends in retail vs. foodservice. Volumes increase mainly due to an acquisition",
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      "text": "Notice Saputo no longer giving volume trends in retail vs. foodservice. Volumes increase mainly due to an acquisition",
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      "text": "Source: Saputo financial reports",
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