No-moat Kohl's sees traction in strategic initiatives with accelerating comparable sales growth.
No-moat Kohl’s management deserves much credit for executing a turnaround, with fourth-quarter comparable sales growth of 6.3% versus a 2% decline in fiscal 2016 and a 40-basis-point increase in gross margin to 33.8% versus flat performance in 2016 at 36.1%. That said, we didn’t believe such an elevated top-line growth rate was sustainable (total U.S. retail sales growth in 2017 was only 5%) and were unsurprised to see that January comparable sales decelerated to the positive low-single-digit ra...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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