KTB - Why Wrangler And Lee Owner Kontoor Brands Shares Are Diving Today | Benzinga
Kontoor Brands, Inc. (NYSE:KTB) shares are trading lower in the morning session on Wednesday.
The company reported fourth-quarter revenues of $669.80 million, missing the analyst consensus of $726.905 million. Revenues fell 8%.
Revenue decreases were primarily driven by retailer inventory management actions in the U.S., partially offset by gains in digital wholesale, China and DTC.
Kontoor reported adjusted earnings per share of $1.35, missing the analyst consensus of $1.37.
The gross margin increased by 90 basis points to 41.7% on a reported basis and increased by 140 basis points to 42.2% on an adjusted basis compared to the prior year.
On an adjusted basis, SG&A ...