Kohl's Corp "Better Than Expected Quarter; But Share Loss Continues;..."

研报英文原文证据摘录

Kohl's Corp "Better Than Expected Quarter; But Share Loss Continues;..."

Global Research

28 May 2026ab

Kohl's Corp Equities

AmericasBetter Than Expected Quarter; But Share Loss

Continues; Reiterate Sell Rating Retailers, Apparel

12-month rating Sell *

12m price target US$9.00Our price target is 40% below the current stock price:

Prior : US$8.00

We believe the market is underestimating the impact on Kohl's earnings from share loss

to other retail channels, such as the Off-Price channel. Kohl's 1Q report strengthened Price (28 May 2026) US$15.07

our conviction in this view (link). Kohl's comp sales declined for the 17th consecutive RIC: KSS.N BBG: KSS US

quarter and share loss to other retail channels continues. We expect consensus EPS to

move lower over the NTM as weak sales and fixed cost deleverage pressure earnings. We Trading data and key metrics

believe this will likely keep sentiment muted and drive the stock toward our revised $9 52-wk range US$24.71-8.04

price target. Market cap. US$1.69b

Shares o/s 112m (COM)

Three key takeaways from Kohl's 1Q report: Free float 99%

1. We believe KSS lost market share in Q1. KSS saw its comp decline 1.1% y/y in 1Q. Avg. daily volume ('000) 1,292

TJX's Marmaxx division comp sales rose 6% y/y and its HomeGoods division comp Avg. daily value (m) US$17.6

sales increased 9% y/y. Plus, ROST's 1Q26 comp sales increased 17% y/y and Common s/h equity (01/27E) US$4.14b

BURL's comp sales grew 6%. We anticipate share loss continues. P/BV (01/27E) 0.4x

Net debt to EBITDA (01/27E) 2.4x

2. In-store traffic trends remain challenging. While 1Q comps improved to -1.1% y/y,

the upside was driven by better inventory management, merchandising fixes, and EPS (UBS, diluted) (USD)

higher average transaction value (ATV) rather than traffic recovery.