{
  "docId": "019dd923-622c-750b-8b99-8051f14c9865",
  "docSlug": "3f714c68343e",
  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 45,
  "pageCount": 89,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses red boxes and arrows to highlight the contradiction between management's stated 'full-price' philosophy and actual '50% off' sales.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8051f14c9865/45",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865#slide-45",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.12,
        "x": 0.32,
        "y": 0.51
      },
      "kind": "callout",
      "text": "Then Why Were At Least Five Promotional Discount Offers Sent Recently For Everything Including Boots For In Store Purchases?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d0933d9-1fe9-4905-98b1-2d14949b243e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.26,
        "x": 0.73,
        "y": 0.305
      },
      "kind": "image",
      "text": "Email promotion screenshot 2",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34257054-3a8b-42c4-bb29-427c2f592d3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.26,
        "x": 0.45,
        "y": 0.305
      },
      "kind": "image",
      "text": "Email promotion screenshot 1",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f36557a6-fa2a-45dd-bb3b-006d96f2761c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "BOOT has recently said it expects a \"full-price selling philosophy\", that fulfillment operations have improved and that it has a \"limited amount of clearance\" and has not \"built up a tremendous amount of clearance markdowns.\" However, Spruce Point believes that its recent actions call these statements into question. In early April, BOOT initiated a multiperiod email clearance promotion that offered discounts of 50% off across key product categories such as boots, clothing, and accessories.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "25cded96-f48c-4189-9674-3eda693ad417",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Once again, we expect to maintain our full-price selling philosophy and do not anticipate a material change in promotions or markdowns going forward. — CEO Conroy, Q2'23: Oct 26, 2022",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6be-c377c9cd7727",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: BOOT Q2'23, Q1'24, Q3'24 conference calls and customer email marketing promotions, red emphasis Spruce Point.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04f6c18d-dd54-44a8-9334-8c6127bee794",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "Why Is BOOT Discounting Despite Signaling No Need To Do So.....",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "563f96e4-d560-488c-8655-da77312b5488",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "843aa14d-9c52-4743-8b2f-1fd5b94d3adc",
      "evidence": "Directly contrasts CEO statements with visual evidence of promotional activity.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}