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  "docSlug": "2a9b75eb1f86",
  "documentTitle": "Family Dollar Stores (FDO)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-05-25 00:00:00",
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  "pageNumber": 13,
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      "kind": "callout",
      "text": "In FY2011, Family Dollar plans to invest $300-$350mm of capex and repurchase nearly $750mm of stock",
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      "text": "Share Repurchases & Dividends: Management has committed to buyback $750mm of shares by fall 2011; FDO raised its dividend this year to $.72/share ($85mm)",
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      "text": "New Store Growth (~$60mm Capex, ~$15mm SG&A): 300 new store openings and 80-100 store closings, 3% net growth; Long-term, management expects to grow store count 5-7% annually",
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      "text": "Store Renovation Program (~$60mm Capex, ~$30mm SG&A): Over 800 stores in FY2011; Going forward, management expects to renovate 1,000+ stores per year",
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      "kind": "title",
      "text": "Shareholder-Oriented Capital Allocation Strategy",
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