Pershing Square Activist Presentation Deck
Analysts Recognize the Cost Opportunity but have
Repeatedly Questioned Management's Commitment
to Solving the Problem
Shibani Malhotra, RBC Capital Markets; Q4 2011 Earnings Call:
"You've talked about bringing your SG&A down to 35% over the last
couple of years. But [I] understand why you are spending as much as you
did in terms of SG&A, but are you still thinking of taking the SG&A
amount down to 35%? And what do you mean by medium-term and near-
term because it's been four years now you've been saying that. How
should we be thinking about it?"
Jami Rubin, Goldman Sachs; Q2 2013 Earnings Call:
"But in your contingency plans, I would imagine that there will be a lot of
room to restructure, given how high your SG&A ratio is. Can you talk
about how variable your costs are and how realistic it would be to bring
down those costs...?"
Jami Rubin, Goldman Sachs; Q4 2013 Earnings Call:
"And do you see a scenario where you could bring your SG&A ratio to the
low 30s from, what 37%, 38%?"
75View entire presentation