Kontoor Brands (KTB) Surpasses Q1 Earnings Expectations, Raises FY2024 Financial Outlook
- Kontoor Brands, Inc. reports Q1 2024 results, beating Zacks Consensus Estimate for both top and bottom lines.
- Despite a year-over-year revenue decline, earnings remain consistent with the previous year.
- The company’s shares rose 8.4% on May 2, 2024, following an impressive 16.9% rise over the past three months.
Kontoor Brands, Inc. outperforms expectations in Q1 2024, prompting an increase in earnings guidance despite a slight decline in revenues. The company’s shares continue to rise, outperforming industry trends.
Q1 2024 Details
Kontoor Brands, a global lifestyle apparel company, reported adjusted earnings of $1.16 per share, significantly surpassing the Zacks Consensus Estimate of 90 cents. GAAP earnings were $1.05, slightly down from $1.16 in the year-ago period. Net revenues of $631.2 million, although decreased by 5% from the prior-year quarter, surpassed the Zacks Consensus Estimate of $609.2 million. The decline in revenues primarily stemmed from U.S. retailer inventory management actions, lower revenues from seasonal products, and a decrease in international revenues, particularly in Europe.
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