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  "docSlug": "f8de622bfe6afe2a77d0d6b7bfd1df22",
  "documentTitle": "Legion Partners | Activist Presentation Deck | 14 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",
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  "pageNumber": 8,
  "pageCount": 14,
  "prevPage": 7,
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  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "sparse",
  "nDataPoints": 8,
  "notes": "The slide uses a downward-sloping arrow to visually emphasize the acceleration of the margin decline.",
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  "slideHref": "/slides/019de06f-cfd5-75da-b721-77fc7ae27bc4/8",
  "deckHref": "/decks/019de06f-cfd5-75da-b721-77fc7ae27bc4",
  "deckJsonHref": "/decks/019de06f-cfd5-75da-b721-77fc7ae27bc4.json",
  "deckAnchorHref": "/decks/019de06f-cfd5-75da-b721-77fc7ae27bc4#slide-8",
  "components": [
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      "kind": "callout",
      "text": "Once one of the most profitable retail concepts in the US, margins have declined 1200 bps in 7 years",
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      "kind": "chart",
      "text": "Annual Adjusted EBITDA Margin",
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      "text": "Source: SEC Filings, Capital IQ",
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      "kind": "title",
      "text": "EBITDA Margin Declines Accelerating",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Slides 5-9 present a series of aha moments, including gross margins in rapid decline, SG&A at peak levels, and inventory turns below peers",
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      "objective": "To highlight the significant destruction of shareholder value and poor financial performance",
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