Kontoor Q2 adjusted EPS $0.98 (+27% YoY); raises FY EPS view to ~$4.80

Kontoor Brands, Inc.

2024-Q2 EPS reported $1.97 revenue$1,238,100,000

Revenue $607M (-1% YoY); US -1%, International -6% constant currency; Wrangler +1%, Lee -7%.
Adjusted gross margin 45.2% (+420bps YoY) on lower product costs, favorable mix, supply chain efficiencies.
Adjusted EPS $0.98 vs $0.77 prior year; adjusted operating income $80M, up 10%.
FY2024 outlook: revenue $2.57-2.63B (unchanged); adj EPS ~$4.80 (prev $4.70-4.80); cash ops >$350M.
Inventory down 22% YoY to $488M; returned $53M to shareholders in Q2 via dividends and buybacks.

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