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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": 47,
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  "notes": "The slide uses a waterfall bridge to decompose EPS growth drivers.",
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      "kind": "callout",
      "text": "KOHL' S' PLAN CALLS FOR OVER 100% OF EPS GROWTH TO BE DRIVEN BY SHARE REPURCHASES",
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      "text": "Kohl's 3-YR Plan With Additional Share Repurchases",
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      "text": "Kohl's 3-YR plan implies roughly $8.22 in EPS at the midpoint in 2024. Even with ~$1.12 in earnings growth from share repurchases, 12% earnings growth over three years is a disappointing outcome for shareholders",
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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. Additionally, Macellum assumes $1 billion of share repurchases that the Company guided to.",
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      "kind": "title",
      "text": "KOHL'S DOES NOT APPEAR TO INCREASE OPERATING INCOME",
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