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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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  "notes": "The slide uses a pie chart to illustrate cost structure and a callout to explain specific expense items.",
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      "kind": "callout",
      "text": "SG&A includes ~$45mm (~50bps of sales) of renovation and new store pre-opening expense",
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      "text": "Two thirds of Family Dollar’s SG&A expense is composed of occupancy and store payroll costs, which are highly leverageable. Management believes core SG&A costs, excluding growth initiatives, will grow modestly at 2 to 3% per year",
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      "text": "*Includes Insurance expense",
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      "text": "SG&A: Highly Leverageable",
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