Kontoor Brands Q2 revenue flat at $616M; adjusted EPS $0.77 vs $1.09; reaffirms FY adjusted outlook

Kontoor Brands, Inc.

2023-Q2 EPS reported $1.80 revenue$1,283,132,000

Q2 revenue $616M flat YoY; reported EPS $0.64, adjusted EPS $0.77 (includes $0.09 one-time tax charge).
Reported gross margin 40.6% (-290bps YoY); adjusted gross margin 41.0% (-250bps YoY).
Inventory +17% YoY, improving from +52% in Q1; expects decline in H2 2023.
FY23 adjusted EPS guidance $4.55-$4.75; adjusted gross margin 43.5%-44.0%; revenue low-single-digit growth.
Restructuring actions taken in Q2 to cut non-strategic spend; FY outlook excludes those charges.

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