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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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      "text": "Note shift in language to YTD penetration. It implies that Q3 penetration was 15.2% of sales or ~$133M, down -3% from the prior quarter. Q3'19 ecommerce sales were $53.2M (10.2% penetration). If the 67% 2-year CAGR claim were correct, Q3'2021 sales would have been $148M and not $133M",
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      "text": "e-commerce sales penetration: 16.4%",
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      "text": "Our third strategic pillar of growth is expanding our connected customer experience. On the 13-week to 13-week basis, our fourth quarter e-commerce sales increased 45.1% from last year and 61.7% when measured on a 2-year compound annual growth rate basis from fiscal 2019. As a result, our fourth quarter e-commerce sales penetration rate increased 190 basis points to 16.4% from 14.5% last year. — Floor & Decor Holdings, Inc. (Q4 2021)",
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      "text": "Unreliable Ecommerce Revenue (Cont'd)",
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