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  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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  "pageNumber": 36,
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  "notes": "Uses a quote from the CFO to highlight the contradiction between stated strategy and actual financial performance.",
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      "kind": "callout",
      "text": "SG&A AS A PERCENTAGE OF REVENUE IS EXPECTED TO EXPAND +199 BASIS POINTS FROM 2017 – 2022E",
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      "text": "Total SG&A as a % of Revenue",
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      "text": "Source: Company SEC Filings, Bloomberg LP, Bloomberg LP Transcripts. Note: In 2017 Kohl's reclassified revenues and SG&A making comparisons before 2017 not meaningful. 2022 Estimates are based on Bloomberg LP 2022 Consensus Estimate and Kohl's 2022 Full Year Guidance.",
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      "kind": "paragraph",
      "text": "Kohl's SG&A as a percentage of sales is projected to grow ~199 basis points to 29.4% in 2022, the Company has deleveraged SG&A since 2017 and consensus and guidance show this growth will continue",
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      "kind": "quote",
      "text": "What management is saying: \"I think what I would tell you, as you know, it's core to us to have a strong, cost-disciplined culture. We've been talking about operational excellence for several years. And I think you know, if you look back over time, our SG&A growth rate has been around a 1.5% CAGR because we manage it so tightly.\"",
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      "kind": "title",
      "text": "SG&A GROWTH HAS OUTPACED REVENUE GROWTH",
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