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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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  "nDataPoints": 14,
  "notes": "The slide uses a waterfall-style logic to estimate margin expansion potential.",
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      "kind": "callout",
      "text": "We estimate FDO will benefit significantly from its gross margin initiatives",
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      "text": "FDO’s substantial gross margin opportunity and high percentage of sales in low-priced necessities, provide a margin of safety against commodities inflation",
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      "text": "gross margin: <225 bps",
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      "text": "FDO’s substantial gross margin opportunity and high percentage of sales in low-priced necessities, provide a margin of safety against commodities inflation",
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      "text": "Note: Consumables are ~2/3 of sales – a 6% change in consumables sales corresponds to a 4% change in total sales",
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      "text": "Estimated Gap table showing Global Sourcing and Private Label - Consumables 2010 vs Potential percentages.",
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      "text": "FDO is Playing Catch Up (cont).",
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