No-Moat Kohl’s Opens 2019 With Soft Sales and No Momentum; Shares Undervalued
No-moat Kohl’s reported negative 3.4% same-store sales in the first quarter of 2019, well short of our forecast of 0.5%. Weak areas included women’s apparel and seasonal product. Costs also disappointed, as sales, general, and administrative expenses as a percentage of revenue of 31.2% came in 80 basis points above our forecast. We think Kohl’s spent heavily on marketing initiatives (such as Kohl’s Cash) in the quarter to overcome poor store traffic related, in part, to competitors’ discounting ...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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