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On August 18, 2022, Kohl's released its Q2 2022 financial results and announced a sharp cut in the full-year 2022 financial outlook and weak sales. Also, the Company reported plans to reduce inventories.
On this news, Kohl's shares dropped by 7.7% or more than $ 336 in its capitalization.
It was already a second quarterly report in a row that disappointed investors. Back on May 19, 2022, Kohl’s reported weak sales growth and the Company’s decision to cut its full-year earnings forecast. It did not meet management's representations regarding the successful execution of the Company’s Strategic Plan.
Later, on May 20, 2022, Macellum Advisors GP, holder of nearly 5% of Kohl's, stated that “this quarter’s extremely disappointing results ...... attributed to the flawed strategic plan and an inability to execute.” Macellum also stated that “the current Board appears to have withheld material information from shareholders about the state of Kohl’s in the lead-up to this year’s pivotal annual meeting,” which “suggests to us a clear breach of fiduciary duty.”
Failure to Disclose,
Shock Event Date
18 August 2022