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  "documentTitle": "Lowe's Companies, Inc. (LOW)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-11-08 00:00:00",
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  "notes": "The table outlines three scenarios (Low, Mid, High) for EBIT margin expansion, with a supporting note on gross margin headwinds and operating expense leverage.",
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      "kind": "callout",
      "text": "In our Mid and High cases, we believe EBIT margins could be ~8.3% to 9.3%. In our Low case, if same-store sales remain flat, we believe Lowe’s can maintain current EBIT margins through cost reductions",
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      "text": "EBIT margin: 9.3%",
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      "text": "Note: Current gross margins are partially elevated by a favorable mix of higher-margin, lower-ticket items. As sales recover, we expect a slight gross margin headwind, offset by positive operating leverage. Management estimates each 1% of same store sales growth above 1% will result in 20bps of operating expense leverage.",
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      "text": "2012E to 2015E Same Store Sales CAGR: 0.0%, 2.5%, 4.0%. Est. Annual EBIT Margin Improvement: 0bps, 25bps, 50bps. 2011E EBIT Margin: 7.3%. Plus: Total Est. EBIT Margin Improvement: 0.0%, 1.0%, 2.0%. 2015E EBIT Margin: 7.3%, 8.3%, 9.3%.",
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      "kind": "title",
      "text": "EBIT Margins",
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