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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": 46,
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  "notes": "The slide uses a waterfall bridge to isolate the impact of share repurchases on EPS.",
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      "text": "KOHL'S' PLAN IS FOR MODEST SALES GROWTH AND A 11% DECLINE IN EBIT FROM 2011 - IF YOU REMOVE SHARE REPURCHASES, THE PLAN ACTUALLY CALLS FOR EARNINGS TO DECLINE 3%",
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      "text": "Kohl's 3-YR Plan Without Additional Share Repurchases",
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      "text": "During its 2022 Analyst Day, Kohl's outlined its long-term financial plan, which includes low-single digital sales growth driven by $2.5bn in capital expenditures. However, Kohl's' plan includes both gross margin and interest deleverage. As such, the Company's plan implies EBIT down 11% at the midpoint. Net-net, excluding the $1 billion of expected share repurchases in 2022, the midpoint of EPS would be down 3% vs. 2021 actuals",
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      "text": "Source: SEC Filings, Macellum estimates. Notes: 1. Macellum model used Kohl's EPS algorithm and line-item commentary to estimate individual line items that make up the bridge.",
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      "text": "WE BELIEVE THAT KOHL'S' PLAN, IN THE ABSENCE OF SHARE REPURCHASES, WILL RESULT IN DECLINING EARNINGS",
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