Pershing Square Activist Presentation Deck
Actions to Address U.S. SSS Weakness (Cont.)
Management has announced a series of actions to reinvigorate U.S. SSS
growth over the next several years
Upcoming loyalty program improvements will provide more benefit to
low-ticket, high-frequency customers and focus on customized offers
▪ Lower redemption thresholds for lower-cost items improves utility of program
▪ Customized offers based on past history to incentivize additional purchases
New digital relationships with less frequent customers
Slowdown in U.S. licensed growth to focus on owned growth in key
markets
▪ Reduces potential cannibalization
Improves operational control
Improved management focus on core business through divestitures of
non-core businesses
New leader of U.S. business with extensive operational experience
appointed in February 2018
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