Kohl’s Third Quarter Shows Operational Improvements; Shares Fairly Valued
No-moat Kohl’s posted third-quarter top-line and adjusted operating margin in line with our expectations, putting it on track to deliver our expected fiscal 2016 performance of a 1.5% revenue decline and operating margin in the 7.5% to 8% range (versus 8.1% in fiscal 2015). As has become the theme in the apparel retail industry, average unit retail gains (up 190 basis points versus a 100 basis point decline in the first quarter and a 10 basis point decline last quarter) were driven by better inv...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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