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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": 43,
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  "notes": "Uses a before-after-bridge structure to highlight the contradiction between management's guidance and subsequent results.",
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      "kind": "callout",
      "text": "MISSING PROJECTIONS WITHIN SUCH A SHORT PERIOD OF TIME LEADS INVESTORS TO WONDER IF MANAGEMENT HAS A GRASP ON THE BUSINESS",
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      "text": "Source: Company SEC Filings, Bloomberg LP Transcripts.",
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      "text": "In March 2019, management touted the Company's path to improving sales growth, only to turn around two-and-a-half months later and report the worst same-store sales results in the last 11 quarters",
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      "text": "Our strong performance reflects the compelling product offering, great marketing strategy and consistent execution in stores and online... We are working from a position of strength, and as we look ahead, we are guiding to another year of positive sales growth and improved profitability.",
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      "text": "The first quarter featured a lot of volatility, with February being particularly tough. And while March and April trends did improve, they were below our expectation. This is reflected in our Q1 comparable sales decline of 3.4%.",
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