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  "documentTitle": "Legion Partners | Activist Presentation Deck | 168 slides",
  "authorId": "legion-partners",
  "authorName": "Legion Partners",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2019-04-01 00:00:00",
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  "pageNumber": 96,
  "pageCount": 121,
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  "slideType": "problem_statement",
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  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses a 'What's Broken' framing to build a case for activist intervention.",
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      "kind": "list",
      "text": "Q4 results and 2019 guidance represent what is broken: Q1 same store sales guidance of (5)-(6)% decline and a drop in EBIT of 47%; 2019 guidance requires a significant acceleration; CEO provided no meaningful explanation; Weak sales attributed to late Easter; Comments on advertising confused investors.",
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      "text": "Recent actions demonstrate why material Board change is warranted: Guidance seems to represent a lapse of oversight and seems unachievable; Board changes they announced seem reactive and hastily undertaken",
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      "kind": "list",
      "text": "Bed Bath continues to say it is trading sales for profit - we see no evidence of this: The Company is losing sales and experiencing significant declines in gross margin dollars; Beyond+ is driving gross margin pressure but does not appear to have any positive impact on sales",
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      "kind": "paragraph",
      "text": "Company appears to be sacrificing sales by reducing its coupon strategy - we fear they have no understanding of the potential impact this will have on their relationship with their customer - equates to \"firing your customer\"",
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      "text": "There are numerous \"issues\" the Company must address first related to its cost structure and efficiency",
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      "text": "Source: SEC Filings, Earnings Call Transcripts",
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      "kind": "title",
      "text": "What’s Broken? 4th Quarter FY2018 Earnings",
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