October 26, 2016

Kohl's

Kohl's is one of those businesses that gets positive press for online growth.

Of course, online growth isn't what winning is all about, is it? Online growth is comparable to an NFL having a good downfield passing game ... flashy stuff and good for highlights, no doubt ... but you need to be strong in passing and running and defense and special teams to "win".

What does Kohl's look like, on an overall basis?


#OhBoy.

This is a business that is performing at a very average level ... mostly because sales are not growing, but Management is able to squeeze profit out of the business. That's changing in the past five years, as profit continues to decline each year.

So yes, go ahead and cheer Kohl's on as they grow their online business. The digital folks are happy with performance. But Kohl's has not posted a Playoff-Caliber year since 2010 (maybe 2011), and is flirting with a potential losing season in 2016. Once a brand posts a losing season, it is not uncommon to watch the birth of a rebuilding process.

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