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  • David Connolly

KONTOOR BRANDS REPORTS FOURTH QUARTER AND FISCAL 2020 RESULTS


• Q4 Reported EPS of $0.74 increased 48 percent compared to the prior year; Adjusted EPS of $1.23 increased 27 percent compared to the prior year; Fiscal Year 2020 Reported EPS of $1.17; Adjusted EPS of $2.61


• Q4 Reported Revenue of $661 million, increased 1 percent compared to the prior year


• Q4 Reported Gross Margin increased 180 bps to 42.5 percent compared to the prior year; Adjusted Gross Margin increased 230 bps to 43.2 percent compared to the prior year


• Strong cash generation supported discretionary debt repayments totaling $125 million in the fourth quarter


• Based on improving fundamentals, the Company is announcing the early termination of the covenant relief period in its amended credit facility


• Fiscal 2021 Adjusted EPS is expected to be in the range of $3.50 to $3.60


• The Company will host a virtual Investor Day on May 24, 2021


GREENSBORO, N.C. - March 2, 2021 - Kontoor Brands, Inc. (NYSE: KTB), a global lifestyle apparel company, with a portfolio led by two of the world’s most iconic consumer brands, Wrangler® and Lee®, today reported financial results for its fourth quarter and fiscal year ended January 2, 2021.


“We finished 2020 with great momentum, a testament to our teams’ unwavering focus on execution throughout this unprecedented year. We win together, and make no mistake, we are winning in the marketplace by expanding existing leadership positions and extending our reach to new consumers. I want to thank our colleagues around the globe for their perseverance and resolve, helping Kontoor deliver superior returns for all of our stakeholders,” said Scott Baxter, President and Chief Executive Officer, Kontoor Brands.


“Our strong fourth quarter performance is also a result of the strategic measures we’ve taken over the last two years, allowing us to not only navigate near-term challenges, but also position the company for success in 2021 and beyond. Focused investments in brand-enhancing initiatives, technology and talent are setting the stage for an exciting next phase of our journey in which we expect accelerating long-term sustainable growth,” added Baxter.


This release refers to “adjusted” amounts and “constant currency” amounts, which are further described in the Non-GAAP Financial Measures section below. All per share amounts are presented on a diluted basis.


Author: Wrangler

Original article: https://www.kontoorbrands.com/investors/financial-info/quarterly-results


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