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Kontoor Brands, Inc. reports developments for a lifestyle apparel portfolio built around Wrangler, Lee and Helly Hansen. Company news centers on operating and financial results, regular cash dividends, capital-structure updates and governance matters, as well as product collaborations and capsule collections that extend its denim, outdoor, workwear, footwear and accessory categories.
Updates also cover leadership responsibilities across finance, operations, brand management and investor relations. The company sells through wholesale and direct-to-consumer channels in the United States and international regions, and its news reflects the commercial activity of its Wrangler, Lee and Helly Hansen segments.
Kontoor Brands (NYSE: KTB) reported Q2'22 revenues of $614 million, up 25% compared to Q2'21 and 27% in constant currency. The GAAP EPS rose to $1.09 from $0.40 year-over-year, aligning with guidance. However, the 2022 revenue outlook is revised down to 6% growth compared to prior 10%% guidance, and adjusted EPS is now projected between $4.40 to $4.50, down from $4.75 to $4.85. Challenges include supply chain pressures and COVID lockdowns impacting international performance.
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Kontoor Brands, Inc. (NYSE: KTB) has declared a quarterly cash dividend of $0.46 per share, payable on September 19, 2022. Shareholders on record as of the close of business on September 9, 2022 will receive this dividend. As a global leader in lifestyle apparel, Kontoor emphasizes brand growth and stakeholder value through iconic brands like Wrangler and Lee. This solid dividend reflects the company's commitment to returning value to its shareholders.
Kontoor Brands, Inc. (NYSE: KTB) announced it will release its Q2 2022 financial results on August 4, 2022, at approximately 6:50 a.m. ET. Following the announcement, a conference call will be held at 8:30 a.m. ET to discuss the results. This call will be available for live broadcast and archived for later access on the company’s investor relations website. Kontoor Brands, recognized for its iconic brands Wrangler and Lee, focuses on delivering high-quality apparel and driving long-term stakeholder value.
Lee, an iconic denim brand, kicks off the festival season as a category sponsor of the 2022 Bonnaroo Music & Arts Festival in Manchester, Tennessee, from June 16-19. The brand's sponsorship initiates with a private event in Nashville featuring a performance by Tai Verdes. Lee will showcase its commitment to originality with interactive experiences at Bonnaroo, including a custom patch station and the Original Lee Tree, crafted from over 900 square feet of scrap denim. A national sweepstakes offers ten attendees a chance to win passes to the festival, spotlighting major artists like Machine Gun Kelly and Stevie Nicks.
Wrangler® has launched a "75 Days of Summer" campaign to commemorate its 75th anniversary by partnering with iconic music festivals Lollapalooza (Chicago and Berlin) and the Austin City Limits Music Festival. This initiative includes a sweepstakes offering prizes over 75 days, interactive booths at festivals for exclusive denim merchandise, and personalization options for fans. The brand emphasizes its long-standing connection to music culture, showcasing its heritage in fashion and self-expression through music.
Kontoor Brands, Inc. (NYSE: KTB) appointed Andrew E. Page as a director, effective immediately. Page, formerly CFO at Foot Locker, brings over 30 years of finance experience in retail and apparel, which is expected to enhance stakeholder and shareholder value. He will also serve on the Audit Committee. Kontoor, known for its iconic brands Wrangler and Lee, aims to leverage its strategic sourcing and supply chain for long-term growth.
Wrangler expands its All Terrain Gear - ATG by Wrangler® line with the introduction of the ATG Wrangler Angler™ Collection, targeting the growing interest in recreational fishing. This collection combines functionality with style, featuring moisture-wicking fabrics and UPF protection. According to the Recreational Boating and Fishing Foundation, 18% of the U.S. population fished at least once in 2020, highlighting the sport's increasing popularity. Wrangler aligns with Major League Fishing as an official sponsor, enhancing brand visibility in the fishing community.
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Kontoor Brands (KTB) reported Q1’22 revenue of $680 million, a 4% increase year-over-year, surpassing expectations. GAAP EPS stood at $1.40, up from $1.09 in Q1’21, with revised 2022 revenue guidance exceeding $2.7 billion, a 10% growth compared to 2021. Despite macroeconomic challenges, the company noted strong demand in digital sales, particularly a 38% increase in own.com revenue. Gross margin decreased 130 basis points to 44.8%, due to elevated transitory expenses. KTB announced a quarterly dividend of $0.46 and returned $49 million to shareholders in Q1.