Kontoor Brands Sees FY24 Adjusted EPS Of $4.80 Vs. $4.71 Estimate (Prior View: $4.70 to $4.80), Sees Revenues Of $2.57B-$2.63B Vs. $2.6B Estimate

Author: Benzinga Newsdesk | August 01, 2024 07:04am

Updated Full Year 2024 Financial Outlook

• Revenue is expected to be in the range of $2.57 to $2.63 billion, representing a decrease of 1 percent to an increase of 1 percent, consistent with the prior outlook
• Adjusted gross margin is now expected to approximate 44.8 percent (44.6 percent prior), representing an increase of 230 basis points compared to the prior year on an adjusted basis, excluding the out-of-period duty charge in that period
• Adjusted operating income is now expected to be at the higher end of the prior range of $377 to $387 million, representing an increase of 10 to 11 percent compared to the prior year on an adjusted basis, excluding the out-of-period duty charge in that period. Adjusted operating income includes $6 million of incremental demand creation investment in both the Wrangler® and Lee® brands compared to the prior outlook
• Adjusted EPS is now expected to approximate $4.80 ($4.70 to $4.80 prior), representing an increase of 8 percent compared to the prior year on an adjusted basis, excluding the out-of-period duty charge in that period. Adjusted EPS includes an $0.08 impact from incremental demand creation investment compared to the prior outlook
• Cash from operations is now expected to exceed $350 million (exceed $335 million prior)

Posted In: KTB