Kontoor Brands Q4 revenue down 8%, adj EPS $1.28; FY24 outlook adj EPS $4.65-$4.75, launches Project Jeanius

Kontoor Brands, Inc.

2023-FY EPS reported $4.06 revenue$2,607,472,000

Q4 revenue $670M (-8% YoY); U.S. revenue $538M (-11%). Inventory down 16% to $500M.
Q4 adj EPS $1.28 (incl $0.07 duty charge); excl duty adj EPS $1.35, up 54% YoY.
FY23 adj EPS $4.26 (incl $0.19 duty); excl duty adj EPS $4.45. Cash from operations $357M.
FY24 outlook: revenue $2.57-2.63B; adj gross margin 44.2-44.4%; adj EPS $4.65-$4.75 (4-7% growth excl duty).
Board authorized $300M share repurchase; dividend $0.50/sh maintained. Project Jeanius targets $50-100M run-rate savings.

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