Kontoor Q2 revenue $614M (+25% YoY) misses guidance; cuts FY22 outlook

Kontoor Brands, Inc.

2022-Q2 EPS reported $2.49 revenue$1,293,315,000

Q2 revenue $614M vs guidance of $640-650M; +25% reported, +27% constant currency.
Q2 GAAP EPS $1.09 vs $0.40 YoY, in line with guidance of $1.05-1.15.
FY22 revenue growth cut to +6% (prior ~10%); adjusted EPS lowered to $4.40-4.50 (prior $4.75-4.85).
Outlook includes $0.25 EPS restructuring charge for European HQ relocation and global operating model transformation.
H1'22 vs H1'19: Wrangler US revenue +19%, Lee US revenue +14%.

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