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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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      "text": "BOOT made no mention in its SEC filings of worker layoffs, severance or restructuring. Distribution center costs are part of COGS and affect Gross Margin. BOOT could have disclosed that distribution center operating costs benefited from worker reductions. We estimate a reduction of 59 workers could have saved the Company $3 - $5 million of costs. COO (and former CFO) Greg Hackman also announced his retirement around the same time as the workforce reductions.",
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      "text": "BOOT made no mention in its SEC filings of worker layoffs, severance or restructuring.",
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      "text": "worker layoffs: 59",
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      "text": "Gross profit. Gross profit increased $4.1 million, or 3.0%, to $142.0 million for the thirteen weeks ended July 1, 2023 from $137.8 million for the thirteen weeks ended June 25, 2022. As a percentage of net sales, gross profit was 37.0% and 37.7% for the thirteen weeks ended July 1, 2023 and June 25, 2022, respectively. Gross profit increased primarily due to higher sales. The decrease in gross profit rate of 70 basis points was driven primarily by 160 basis points of deleverage in buying, occupancy and distribution center costs partially offset by a 90 basis-point increase in merchandise margin rate. The increase in merchandise margin rate was driven by 80 basis points of product margin expansion resulting primarily from growth in exclusive brand penetration and a 10 basis-point tailwind from lower freight expense as a percentage of net sales.",
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      "text": "Gross profit. Gross profit increased $4.1 million, or 3.0%, to $142.0 million for the thirteen weeks ended July 1, 2023 from $137.8 million for the thirteen weeks ended June 25, 2022. As a percentage of net sales, gross profit was 37.0% and 37.7% for the thirteen weeks ended July 1, 2023 and June 25, 2022, respectively. Gross profit increased primarily due to higher sales. The decrease in gross profit rate of 70 basis points was driven primarily by 160 basis points of deleverage in buying, occupancy and distribution center costs partially offset by a 90 basis-point increase in merchandise margin rate. The increase in merchandise margin rate was driven by 80 basis points of product margin expansion resulting primarily from growth in exclusive brand penetration and a 10 basis-point tailwind from lower freight expense as a percentage of net sales. — Q1'24 10-Q",
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      "text": "Source: Q1'24 10-Q, Supplemental Presentation (Jan 2024), WARN notice, COO Retirement",
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      "text": "Company Name: Boot Barn; Number of employees affected: 59; Reason: Layoff Permanent; Location: 11251 Beech Ave Fontana CA 92337; Reporting State: California; Notice Date: March 3, 2023; Layoff Date: May 1, 2023",
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      "text": "And Fails To Discuss Worker Terminations",
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