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- Kontoor Brands Inc KTB reported third-quarter FY21 sales growth of 11.8% year-on-year, to $652.3 million, beating the analyst consensus of $615.38 million.
- The revenue increase was driven by strength in Digital, including own.com and digital wholesale, improved performance across the U.S. wholesale business, and positive trends in international markets.
- Revenue in the U.S. increased 8% Y/Y, and International revenue rose 25%.
- Wrangler brand global revenue increased 22% Y/Y, and that of Lee grew 6%.
- Adjusted EPS of $1.28 beat the analyst consensus of $1.03.
- The adjusted gross profit margin for the quarter expanded 80 basis points Y/Y to 44.1%. The operating margin was 13.2%, and operating income for the quarter rose 4% to $85.9 million.
- Kontoor Brands held $215 million in cash and equivalents as of October 2, 2021. Cash provided by operating activities for the nine months totaled $209.3 million.
- Outlook: Kontoor Brands has raised the FY21 sales outlook to increase at a high-teens percentage, to $2.47 billion - $2.48 billion (prior guidance mid-teens percentage), above the consensus of $2.43 billion.
- The company raised FY21 adjusted EPS outlook to $4.15 - $4.20 (prior view $3.90 - $4.00), above the consensus of $4.12.
- Price Action: KTB shares traded higher by 1.31% at $57.67 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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