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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": 48,
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  "notes": "Uses red circles to highlight the EBIT decline and a blue bar for CapEx to emphasize the contradiction.",
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      "text": "Estimated Cumulative CapEx vs. Annual EBIT ($s in millions)",
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      "text": "Source: Company SEC Filings, Bloomberg. Estimates are combination of Kohl's Long-term CapEx Guidance and Bloomberg LP 2024 Consensuses Estimates for EBIT.",
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      "text": "Kohl's plans to spend ~$2.5 billion on cumulative CapEx through the end of 2024 and guidance has resulted in EBIT estimates decreasing 19%, or $320 million, over the same period",
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      "text": "KOHL'S PLANS TO SPEND $2.5 BILLION+ ON CAPEX THROUGH 2024 WHILE CONSENSUS (19%) AND GUIDED EBIT (11%) ARE EXPECTED TO DECREASE",
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