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  "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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  "notes": "The slide uses a three-part structure to present evidence of management failure and potential financial manipulation.",
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      "text": "BOOT has significantly reduced sales guidance for new stores from $4M to $3M+ in just two years.",
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      "text": "New Store Revenue Contribution Declines: BOOT reduced new store revenue guidance from $4M to $3M+ in two years, signaling potential market saturation.",
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      "text": "Capex Issues Emerge And Insiders Hit Bonus Targets: Abnormal Q4'23 capex of $41.5M (~$30M above guidance) helped executives hit EBIT targets for bonuses.",
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      "text": "BOOT's New Stores Look Nothing Like They Were Promoted To Investors: Physical store designs deviate from investor-presented 'Updated Design' and lack brand consistency.",
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      "text": "EBIT: $57.3M",
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      "text": "Detailed analysis of store revenue trends, store design discrepancies, and the financial mechanics of the Q4'23 capex spike.",
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      "kind": "quote",
      "text": "“with very few expectations” — CEO Conroy",
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      "text": "We Have Serious Concerns With BOOT's New Stores And Anomalous Capex",
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