Kontoor Q3 revenue down 7% to $607M; FY22 adjusted EPS guidance lowered to $4.35-$4.40

Kontoor Brands, Inc.

2022-Q3 EPS reported $3.40 revenue$1,899,836,000

Q3 revenue $607M, down 7% YoY (5% constant currency); prior year $653M.
Reported EPS $0.90, adjusted EPS $1.11 vs Q3'21 reported $1.07 and adjusted $1.28.
FY22 revenue growth guidance cut to ~4% from ~6%; adjusted EPS guidance $4.35-$4.40 vs prior $4.40-$4.50.
CEO cites retailer inventory rebalancing and China lockdowns as headwinds; expects Q4 revenue acceleration.

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