{
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  "docSlug": "b7c4365f9e39fbf1d5df6a9d012af66b",
  "documentTitle": "Legion Partners | Activist Presentation Deck | 168 slides",
  "authorId": "legion-partners",
  "authorName": "Legion Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 78,
  "pageCount": 121,
  "prevPage": 77,
  "nextPage": 79,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The chart uses a waterfall-style bar chart to show relative performance in expense management.",
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  "slideHref": "/slides/019de06f-cf3f-750e-9bf3-5c34169235bc/78",
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  "components": [
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        "y": 0.82
      },
      "kind": "callout",
      "text": "SG&A as a % of sales is de-levering far faster than big box retail peers",
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      "kind": "chart",
      "text": "3-Year Change in SG&A % of Sales (FY15 to FY18)",
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      "kind": "list",
      "text": "The peers listed below are all investing in omnichannel and digital initiatives in a major way, but are achieving better results with less impact to SG&A as a % of sales. During a period of time where Bed Bath has been spending considerable time and capital trying to develop a better omnichannel presence, we believe poor execution of digital initiatives has caused significant de-leverage in SG&A expenses",
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      "kind": "source-note",
      "text": "Source: Company filings, Investor Group estimates. Note: Results adjusted for accounting change ASU 2014-09 using Company filings and restatements and Investor Group estimates where applicable",
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      "kind": "title",
      "text": "What's Broken? Many Peers Are Better Holding SG&A %",
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      "evidence": "Comparing Bed Bath & Beyond's SG&A performance against a peer group to highlight underperformance.",
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