Kontoor Q3 rev $655M (+8% YoY); adj. EPS $1.22 ex-duty; FY adj. EPS outlook cut to $4.35

Kontoor Brands, Inc.

2023-Q3 EPS reported $2.85 revenue$1,937,672,000

Q3 revenue $655M (+8% YoY); reported EPS $1.05 includes $0.17 prior-period duty charge; ex-duty EPS $1.22.
Gross margin 41.5% (-200 bps) includes 200 bps duty charge; inventory $605M down 11% YoY.
Board declared quarterly dividend $0.50/share, a 4% increase from prior quarter.
FY2023 outlook cut: adj. gross margin ~42.5% (prior 43.5-44.0%), adj. EPS ~$4.35 (prior $4.55-4.75), includes $0.15 duty charge.
FY cash from ops ~$335M; year-end inventory expected ~$500M, >15% decline vs FY22.

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