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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-08-08 00:00:00",
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      "text": "While Zebra claims it is “seeing opportunities” across other verticals beyond retail and apparel, it has not highlighted any recent RFID big wins on its website.",
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      "text": "Q4 2023 organic sales up more than 30%; Non-apparel categories up ~110%; Apparel comparable to PY; FY 2023 organic sales up low-double digits; Targeting 20%+ growth in 2024",
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      "text": "Avery Dennison (NYSE: AVY) has an Intelligent Labels business that uses RFID tags and inlays. Avery has seen long-term organic sales growth of 18%, above Zebra's mid-teens claim. In Q4'23, Avery's business grew organically more than 30% with most of the growth coming from non-retail apparel sources. While Zebra claims it is “seeing opportunities” across other verticals beyond retail and apparel, it has not highlighted any recent RFID big wins on its website.",
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      "text": "So we're seeing continued use cases across RFID, including moving beyond apparel to general merchandise inside retail. Clearly track and trace across the supply chain, parcel tracking within T&L, baggage tracking within airlines, so lots of opportunities across RFID.",
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      "text": "I would say RFID, clearly, we see as an opportunity in across multiple verticals now, not just retail and retail apparel, where it was originally focused and we're clearly seeing opportunities across track and trace and supply chain.",
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      "text": "I would say RFID, clearly, we see as an opportunity in across multiple verticals now, not just retail and retail apparel, where it was originally focused and we're clearly seeing opportunities across track and trace and supply chain. — CEO Burns, Q1 2024",
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      "kind": "source-note",
      "text": "Source: Zebra RFID news, Avery Presentations, Q1'24 and Q2'24 Conference Calls",
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