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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "The slide uses a table format to categorize specific operational complaints from a store manager.",
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      "text": "While the Company reported stellar results and a record EBITDA margin of 15.2%, the store manager says the sales were great but the store burned through cash and the bottom line wasn’t great.",
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      "text": "EBITDA margin: 15.2%",
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      "text": "Tegus interviewed a Floor & Decor store manager who was a top performer through 2021. While the Company reported stellar results and a record EBITDA margin of 15.2%, the store manager says the sales were great but the store burned through cash and the bottom line wasn't great. He also claimed LVP was not making money.",
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      "text": "“So I was really doing well on the top line, which is great because that’s where you get your bonus. You also get some bonus on the revenue end of it. But I was killing sales plan, but I was burning through cash because, we had way too much inventory when we grand opened.” — Tegus-sourced Store Manager",
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      "text": "Source: Tegus Research Interview",
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      "kind": "title",
      "text": "#2: A Store Manager Claimed FND Wasn't Making Money On LVP Even When It Was A Hot Product",
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