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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": 67,
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  "notes": "Includes a sensitivity table comparing $750k vs $1M remodel costs.",
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      "text": "By our calculations, Kohl's is spending just shy of $1 million to remodel a store with a Sephora shop. Assuming a mid-single-digit lift to sales, Kohl's is likely just breaking even on an EBITDA basis. Depreciating the capital expenditure over 10 years implies a net negative EBIT effect. Kohl's claims $2B in sales, but this requires mid-teens sales lift, which contradicts historical performance of shop-in-shops.",
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      "text": "Source: SEC Filings; KSS 10-K Reports, Macellum Estimates on Additional Depreciation and Cost of remodel per store.",
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      "text": "Financial model comparing $750k and $1M remodel cost scenarios for 850 Sephora stores, showing EBIT impact.",
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      "kind": "title",
      "text": "WITHOUT A MEANINGFUL INCREASE IN THE SALES LIFT, SEPHORA COULD PROVE TO HAVE A NEGATIVE EBIT IMPACT",
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      "evidence": "Exposing the gap between company claims of sales lift and the actual financial reality of capital expenditure.",
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