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  "documentTitle": "Family Dollar Stores (FDO)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2011-05-25 00:00:00",
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  "notes": "The slide uses a scenario-based table to demonstrate the potential ROIC of a store renovation program.",
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      "kind": "callout",
      "text": "Lower than company average (35.7%) to account for increased consumables mix",
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      "text": "Pre-Tax Return: 47%",
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      "kind": "paragraph",
      "text": "Management began an ambitious renovation program this year. While the company has not disclosed detailed data, it has revealed that renovated stores achieve at least a 10% sales lift",
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      "kind": "title",
      "text": "High Return on Renovation Capital",
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