Kohl’s Growth Expected to Normalize in 2018; Shares Still Overvalued
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...
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