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  "docSlug": "jarvis-macellum-kohls-presentation-april-2022",
  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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  "pageNumber": 33,
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  "notes": "Uses a quote from the CFO to contradict the company's long-term margin growth narrative.",
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      "text": "While we will benefit from our ongoing sourcing initiatives and some pricing actions, we do not expect to fully mitigate the headwinds. As a result, we are planning gross margin to contract by approximately 100 basis points in 2022 relative to 2021. - CFO Jill Timm on March 1st, 2022, Q4 Analyst Call",
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      "kind": "chart",
      "text": "Merchandise Gross Margin %",
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      "text": "In February 2014, Kohl's began targeting a 38% gross margin. While the Company did achieve this target in 2021 due to a lack of inventory and related markdowns, Kohl's is already taking a step backward and has reduced expectations for 2022 with guidance for gross margin contraction¹\nImplicitly acknowledging 2021 experienced one-time benefits",
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      "kind": "source-note",
      "text": "Source: SEC Filings; Bloomberg LP and Bloomberg LP 2022 Consensus Estimates. Note: 1 Bloomberg Consensus 2022 Gross Margin Estimate is 37%",
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      "kind": "title",
      "text": "The Company has been targeting gross margin growth since 2014 without success",
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      "kind": "title",
      "text": "FAILURE TO INCREASE GROSS MARGIN SINCE 2011",
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