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  "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",
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  "pageNumber": 53,
  "pageCount": 89,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a timeline-style progression of charts to show declining guidance metrics.",
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      "kind": "callout",
      "text": "Management significantly reduced sales guidance for new stores from $4M to $3M+ in just two years.",
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      "text": "New Store Sales Guidance progression charts",
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      "text": "New store sales guidance: $3M+",
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      "text": "Management significantly reduced sales guidance for new stores from $4M to $3M+ in just two years. In August 2023, BOOT set the paradigm for new store economics at $3.5M which was reduced to $3.3M in November and then yet again to $3.0M+ in January 2024.",
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      "kind": "source-note",
      "text": "Source: ICR Conference (Jan 2022), Q1'24 Presentation, Q2'24 Presentation, Q3'24 Presentation",
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      "kind": "table",
      "text": "Sales of New Stores in Year 1 ($000) for 2021, 2022, 2023",
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      "kind": "title",
      "text": "Why Has Management Pulled Back New Store Expectations?",
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