No-moat Kohl's posts weak holiday performance; fearing further pricing power losses.
Weak November and December sales (comparable sales decreased over 2%) and a lower-than-expected gross margin from mix and the competitive promotional environment drove Kohl’s to lower its fiscal 2016 adjusted earnings per share guidance to $3.60-$3.65 from $3.80-$4.00. We see this as reinforcing our opinion that Kohl’s lacks a competitive moat and that the department store space is most exposed to the e-commerce threat, selling many of the same items that can be purchased online. We think that o...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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