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  "documentTitle": "5 IBD presentation 2017 HSN Inc. Centerview Partners",
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      "text": "Hero's expected EBITDA growth a function of low current base and margin enhancement initiatives over near-term; Perception that Queen margin has little room for improvement",
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      "text": "Hero's expected revenue growth in-line with expectations for Queen's U.S. business",
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      "text": "Source: Hero Management and Factset fiscal year estimates as of January 27, 2017. Note: Specialty Retail includes BBY, DKS, FL, FOSL, GNC, TIF, ULTA. Home Stores includes BBBY, ETH, PIR, RH, WSM. Department/Mass includes DDS, KSS, M, JWN, ROST, TGT, TJX, WMT. eCommerce includes EBAY and OSTK; eCommerce EPS includes only EBAY. Comparable EBITDA is after deduction of stock-based compensation expense. Comparable EPS is after deduction of stock-based compensation expense and before deduction of after-tax intangible amortization. (1) Queen 2014 revenue and EBITDA pro forma for zulily acquisition, not pro forma for reattribution of Digital Commerce Business. (2) Queen U.S. represents consensus estimate for U.S. segment only.",
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