{
  "docId": "019f6b8f-2c24-765a-97b8-82631955283d",
  "docSlug": "jarvis-legion-genesco-presentation-june-2021",
  "documentTitle": "Legion Genesco Presentation June 2021",
  "authorId": "legion-genesco-presentation-june-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-06-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 60,
  "pageCount": 182,
  "prevPage": 59,
  "nextPage": 61,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a 'before-after' style narrative via quotes to highlight the failure of the investment thesis.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c24-765a-97b8-82631955283d/60",
  "deckHref": "/decks/019f6b8f-2c24-765a-97b8-82631955283d",
  "deckJsonHref": "/decks/019f6b8f-2c24-765a-97b8-82631955283d.json",
  "deckAnchorHref": "/decks/019f6b8f-2c24-765a-97b8-82631955283d#slide-60",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.68
      },
      "kind": "chart",
      "text": "Schuh's operating margin suffered as a result",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "774bd877-2388-46f0-a4f2-1a0a9e7e6ff9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "Management suggests that part of the reason to own Schuh was to keep up with fashion trends in Europe – however, Schuh seems to be the one that leverages Journeys’ assortment instead, which did not line up with management’s initial expectations",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ac91818-d016-4891-a775-4a9c96bd5ba2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "The “significant overlap” in Journeys’ and Schuh’s vendor base failed to translate into success",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9c273df-353b-4966-9406-d28a1d6b8fa6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.51
      },
      "kind": "quote",
      "text": "In Q2, Schuh's performance was also impacted by certain vendors' decisions to pursue a scarcity model, limiting supply of some top-selling styles in the UK. As a result of all this, comps for Schuh were down high single-digits, which generated significant expense deleverage in this low-volume quarter. Schuh also needed to take additional markdowns to keep inventory clean, putting additional pressure on margins.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "05811bf0-a007-45d9-8a38-7c5447f18acc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.26
      },
      "kind": "quote",
      "text": "If you look at Schuh over in the UK, the history at Schuh is that the brands they sell have heavy, heavy overlap to Journeys, which is why we bought them 3.5 years ago. But, this year, while the overlap is the same, the trends were quite different. And so, several of the brands that really worked for us here in the US weren't anywhere near as robust in the UK. And so, our assortment was a little less productive.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "421a6de9-dbe7-430f-ab53-ed513083f00d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: SEC Filings, Legion Partners’ Estimates",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8f899a4-c852-41e5-9d62-e02d0db261cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.06
      },
      "kind": "title",
      "text": "Schuh Failed to Replicate Journeys’ Story in UK",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3cc5ac2d-0d29-42ae-bbd0-7e446f5cf93e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "49d5befd-a260-47bd-88a4-cd820dd470e8",
      "evidence": "Uses historical management quotes to contrast initial investment thesis with subsequent poor performance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 65,
      "from": 52,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "a12c0ee3-59ae-4e18-a5d0-6bff97bd9570",
      "evidence": "The deck emphasizes the consequences of maintaining the status quo.",
      "position": 1,
      "objective": "Highlight the costs of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}