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  "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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      "kind": "callout",
      "text": "FDO has launched gross margin enhancement initiatives that are similar to the ones DG has successfully implemented",
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      "text": "Improved Pricing\nFDO recently implemented sophisticated pricing software allowing management to better manage regional pricing zones and elasticity data",
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      "text": "Global Sourcing\nBypassing a broker and directly sourcing unlabeled and private labeled goods can offer 1,000bps to 1,500bps of margin improvement\nCurrently, only 9% of FDO’s goods are directly imported. We believe this number could approach 15% in the future",
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      "text": "Private Label Penetration\nDollar General’s consumable private label penetration is ~22%\nFamily Dollar’s consumable private label penetration is ~14%\nFamily Dollar’s goal is to get to 20%",
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      "text": "private label penetration: 14%",
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      "text": "FDO is Playing Catch Up",
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