{
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  "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": 30,
  "pageCount": 43,
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  "slideType": "comparison_table",
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  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The table uses red dashed boxes to highlight the specific product categories (Core Beverage and Frappuccino) that are driving the sales deceleration.",
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      "kind": "callout",
      "text": "The deceleration in SSS growth since FY 2016 has been primarily driven by weakness in Frappuccino and some softness in core beverage platforms",
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      "kind": "source-note",
      "text": "Source: Pershing Square estimates based on Starbucks public filings and management commentary.",
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      "kind": "table",
      "text": "Core Beverage (Implied) 56% 1% 2% (0%) (0%) Food 22% 2% 1% 1% 1% Teavana & Refreshment 12% 1% 1% 1% 1% Frappuccino 11% 2% (0%) (0%) (1%) Price (Estimated) 2% 2% 2% 2% Same-Store Sales 7% 6% 3% 2%",
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      "kind": "title",
      "text": "Recent Same Store Sales Growth: Americas (Cont.)",
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      "kind": "title",
      "text": "U.S. Company-Operated SSS Growth Contribution by Product: FY 2015 to 2018 YTD",
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      "evidence": "table/data: Core Beverage (Implied) 56% 1% 2% (0%) (0%) Food 22% 2% 1% 1% 1% Teavana & Refreshment 12% 1% 1% 1% 1% Frappuccino 11% 2% (0%) (0%) (1%) Price (Estimated) 2% 2% 2% 2% Same-Store Sales 7% 6% 3% 2%",
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  "loops": [
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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",
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      "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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