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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "notes": "Uses screenshots of supermarket websites to prove product unavailability.",
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      "text": "Saputo acquired the Cathedral City cheese brand from Dairy Crest, and claimed that it would be rolled out in North America. Cathedral City's current website lists various places to buy the product, including large chains such as Weis Markets and King Kullen.(1) However, a current review of these supermarket websites does not show the product available. At larger supermarket chains that are stocking the product, we find consistent discounting to as low as $0.71 cents per ounce.",
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      "text": "However, a current review of these supermarket websites does not show the product available. At larger supermarket chains that are stocking the product, we find consistent discounting to as low as $0.71 cents per ounce.",
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      "text": "Screenshots of product availability at Acme, Albertson's, Safeway, Shaws, and unavailability at Weis/King Kullen",
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      "text": "Q1 2023 / Aug 2022: \"We also expect the relaunch of the Cathedral City brand to support volume growth with a compelling new global campaign...\"",
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      "text": "Q2 2022 / Nov 2021: \"When it comes to strengthening our core business, we remain focused on the potential of our market-leading Cathedral City brand...\"",
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      "text": "When it comes to strengthening our core business, we remain focused on the potential of our market-leading Cathedral City brand. In the first quarter, we entered into a long-term exclusive partnership with Hochland to expand distribution of our market-leading Cathedral City brand into Germany, starting in the fourth quarter of fiscal '22, and we continue to ramp up our distribution to North America. — Saputo Q2 2022 / Nov 2021",
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      "text": "1) Cathedral City \"Where To Buy\"",
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      "text": "Cathedral City Growth Challenges",
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