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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses color-coded cells (green for positive/neutral, red for negative/warning) to visualize the degradation of disclosure quality.",
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      "text": "Red Flag: No longer says Trend-right inventory",
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      "text": "Comparable Store Sales",
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      "text": "When we carefully analyze FND's disclosures around what is driving declining sales trends, we find a worrisome pattern that management is providing less specific reasons especially around quantifying product-level impact and even stopped referencing that \"substantial amounts of trend-right inventory\" is contributing to sales.",
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      "text": "Source: FND SEC Filings",
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      "text": "Revenue Disclosures In Quarterly 10-Q and 10-K Filings",
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      "text": "Why Is FND No Longer Providing Comparable Store Product Categories?",
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