Kohl’s Clocks Positive Holiday Season Despite Competitive Marketplace; Shares Slightly Overvalued
No-moat department store operator Kohl’s shares tumbled on holiday season results, although we believe it fared well given the competitive consumer environment, the its lack of differentiation offered, and non-existent switching costs. For Kohl’s, 1.2% same-store sales improvement over the nine weeks encompassing the holiday season tracks slightly better than the flat same-store sales we have forecast for the quarter, although we could still see a slowdown during January that could pull the fina...Kohl's operates department stores, a website (www.Kohls.com), FILA outlets, and Off-Aisle clearance centers. The company's Kohl's stores and website sell proprietary and national brand apparel, footwear, accessories, beauty and home products. The company's website includes merchandise that is available in its stores, as well as merchandise that is available only online. The company's portfolio includes private brands such as Apt. 9, Croft & Barrow, Jumping Beans, SO and Sonoma Goods for Life and exclusive brands that are developed and marketed through agreements with brands such as Food Network, LC Lauren Conrad, Elle and Simply Vera Vera Wang.
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