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  "docSlug": "3f714c68343e",
  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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  "pageNumber": 34,
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  "notes": "The slide uses a table to highlight negative year-over-year traffic trends for BOOT, supported by a callout box explaining the methodology.",
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      "kind": "callout",
      "text": "YTD monthly traffic per store were all below 2022 and 2023 levels",
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      "text": "Q4'23 monthly traffic per store were all below 2021 and 2022 levels",
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      "text": "The traffic numbers have been negative for 10 consecutive months and for 13 out of the last 14 months.",
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      "text": "Average Monthly Traffic / Store: 13 out of 14",
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      "text": "BOOT's average sales per store increased from below $3M to $4.5M in a two-year span from 2020 to 2022. We believe sales benefited from an uptick in Western trends and BOOT's ability to procure inventory when supply chains issues burdened its competition. We analyzed traffic data using Bloomberg's alternative data set, placer.ai, from the beginning of 2019 and allocated the traffic based on monthly average store counts to distill the traffic trends to a per store basis. This data captures store traffic through a panel of 25 million mobile devices. The traffic numbers have been negative for 10 consecutive months and for 13 out of the last 14 months.",
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      "text": "Source: Bloomberg Finance L.P. - ALTD <GO> (1) Implied based on Bloomberg Estimates",
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      "text": "Per Store Metrics: Sales and Store Traffic table",
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      "text": "Estimated Store Traffic Is In Decline",
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