{
  "docId": "019f6b8f-3474-7542-9f38-614b778d1544",
  "docSlug": "jarvis-macellum-the-childrens-place-presentation-april-2015",
  "documentTitle": "Macellum The Childrens Place Presentation April 2015",
  "authorId": "macellum-the-childrens-place-presentation-april-2015",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-01 00:00:00",
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  "pageNumber": 19,
  "pageCount": 62,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "Uses direct quotes from a 2010 earnings call to highlight the gap between promise and performance.",
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      "kind": "list",
      "text": "In fact, the Company is carrying 44% more inventory on a comparable sales level in the fourth quarter of 2014 compared to the fourth quarter of 2010. We believe the Company currently has $65 to $75 million of excess inventory compared to historical measures and over $150 million compared to best-in-class specialty retailers.",
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      "kind": "list",
      "text": "Inventory turnover has fallen from 4.9x in 2010 to 3.7x in 2014. Ironically, Ms. Elfers specifically targeted improvement of inventory turnover as one of her five key initiatives during her first earnings call in March 10, 2010.",
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      "kind": "paragraph",
      "text": "We believe failure to manage inventories effectively is directly related to declining same-store sales, excessive markdowns and declining gross margins.",
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      "kind": "quote",
      "text": "I have a bias for lean inventories, and there is clearly an opportunity at The Children's Place to reduce inventory levels and better manage flow to the stores.",
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      "kind": "title",
      "text": "CEO Appears to Have Failed to Deliver on a Promise of Improved Inventory Management",
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      "evidence": "The document presents a comparison of The Children's Place with its peers, highlighting the company's underperformance",
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