Not quite sure why I drew the chart below ... comparing the HLG SP (in orange/red with KMD (in blue), but it appears it tries to tell a story:
Attachment 12132
Obviously there is a clear correlation between the two clothing retailers over the years (no surprise) and KMD outperformed HLG prior to the arrival of Covid.
Covid came and KMD needed cash. The CR was clearly diluting, but still ...
Did the markets realize only after Covid that HLG is the much better company and the HLG models look better? Or is KMD currently undervalued compared to HLG? Or is HLG overvalued?
Time will tell.