{
  "docId": "019de06f-bcbf-724d-996b-1f5e9f5a2ab6",
  "docSlug": "a7c3404fe6d9b07e562dfbed52ad51d0",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 43 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 29,
  "pageCount": 43,
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  "slideType": "before_after",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 22,
  "notes": "The chart includes a specific callout regarding a loyalty program change in Q3'16 affecting transaction/ticket metrics.",
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  "slideHref": "/slides/019de06f-bcbf-724d-996b-1f5e9f5a2ab6/29",
  "deckHref": "/decks/019de06f-bcbf-724d-996b-1f5e9f5a2ab6",
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      "kind": "callout",
      "text": "Americas SSS growth has steadily decelerated since the beginning of FY 2016 and transactions have been roughly flat since the end of FY 2016",
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      "kind": "chart",
      "text": "Americas SSS Growth: FQ1 2016 to FQ3 2018",
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      "text": "Transaction / Ticket",
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      "kind": "paragraph",
      "text": "Transaction declines and ticket growth from Q3'16 to Q2'17 are somewhat overstated due to change in loyalty program in Q3'16, which reduced incentive for transaction splitting",
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      "kind": "source-note",
      "text": "Source: SBUX public filings.",
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      "kind": "title",
      "text": "Recent Same Store Sales Growth: Americas",
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      "evidence": "chart/bar-stacked: Americas SSS Growth: FQ1 2016 to FQ3 2018",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck highlights the potential causes of U.S. SSS weakness and proposes actions to address it",
      "position": 0,
      "objective": "What are the consequences of not addressing U.S. SSS weakness?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "evidence": "The deck presents a before-and-after comparison of same-store sales growth",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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