No-Moat Kohl's Is Stuck in the Middle and Surrounded by Competitors
No-moat Kohl’s wrapped up 2018 with fourth-quarter numbers that slightly exceeded our estimates. Operating income (excluding a $104 million restructuring charge) of $545 million in the quarter beat our expectation of $528 million. Kohl’s same-store sales of 1.0% in 2018’s fourth quarter were solid given the tough comparison against 6.3% same-store sales in fourth-quarter 2017. Kohl’s indicated, however, that fiscal 2019 started slow due to weather. Further, we think rivals, including no-moat Mac...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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