money Kohl's investor day 'disappointed': activist investor Macellum Capital
It was a day of letdown at Kohl's virtual investor event, says the activist investor waging a campaign against the management team at the retailer.
"I think investors were disappointed," said Macellum Capital Management CEO Jonathan Duskin on Yahoo Finance Live. "Shareholders voted with their feet [today]."
Kohl's shares plunged more than 12% on Monday as the company's hotly anticipated investor day fell flat.
The off-mall retailer said it aims to generate $2 billion in sales by opening 850 Sephora cosmetics shops inside of its stores. The company added it will shoot for opening 100 small format Kohl's stores over the next four years.
As for long-term guidance, Kohl's sees low-single digit percentage sales growth and mid- to high-single digit EPS growth.
Duskin — who has been doing battle with the long-serving board of Kohl's (and some insiders would say, underperforming) since early 2021 — has put forth 10 new nominees to Kohl's board. One of those nominees is Duskin.
The ratcheting up in tensions between the pair comes after Kohl's rejected two reported buyout deals received in late January.
Kohl's is said to have received a $9 billion take-private offer from Starboard Value, according to a person familiar with the matter. Retail investing powerhouse Sycamore Partners was also reportedly kicking the tires on Kohl's.
Duskin told Yahoo Finance Live the company should take a deal.
The company has enacted a "poison pill" though, a tactic generally used by companies being targeted for buyout to thwart or shutdown any overtures.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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