Kontoor Q1 revenue $667M (-2%), EPS $1.16; reaffirms FY guidance

Kontoor Brands, Inc.

2023-Q1 EPS reported $1.16 revenue$667,123,000

Q1 2023 revenue $667M, down 2% YoY (1% constant currency); in line with prior outlook of flat to down low-single digits.
Gross margin 43.0%, down 180 bps YoY due to geographic mix, production downtime, and inflationary costs.
Q1 2023 EPS $1.16 (vs $1.40 in Q1'22); FY 2023 EPS guidance reaffirmed at $4.55-$4.75.
FY 2023 revenue expected up low-single digits; gross margin 43.5%-44.0%; inventory growth to align with revenue by Q3.
U.S. market share gains and DTC strength offset expected softness in International markets.

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