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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-11-29 00:00:00",
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  "notes": "Uses a 'ceo-quote-contradiction' framework to highlight management's downplaying of private label importance despite market trends.",
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      "text": "I would say that we also have to be careful. Because for as much as potentially private label would be the go-to for some customers in tough economic times, it's also a question of supply.",
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      "text": "Private Label Value Share YoY Change (bps): By Department",
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      "text": "Analyst Question vs Saputo COO North America response",
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      "text": "Recent data shows that private label value in the Dairy category has been an outsized winner in the grocery department. When asked about the impact of this on margins, management was evasive. It also deemphasized wanting to grow private label offerings. Furthermore, Saputo does not disclose what percentage of its sales come from private label vs. its own brands.",
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      "text": "I would say that overall, focusing on growing our private label offerings is not our first priority. — Saputo COO North America",
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      "text": "Source: Q4 2022 Conf Call",
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      "text": "We Believe Private Label Growth In The U.S. Is Negative For Saputo",
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