International revenue was 128 million dollars, down 30 percent on a reported basis and down 31 percent in constant currency, primarily driven by Covid-19 impacts. Tight expense control and restructuring benefits helped offset fixed cost de-leverage due to revenue declines. Kontoor Brands - Quintet Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) on a reported basis was $91 million. Net … The company expects full-year adjusted EPS to be in the range of 2.25 dollars to 2.35 dollars. Market Data powered by QuoteMedia. Terms of Use. Total reportable segment revenues. All per share amounts are presented on a diluted basis. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. For the third quarter, Kontoor Brands, Inc., having Wrangler and Lee under its portfolio, reported revenue decrease of 9 percent to 583 million dollars, on a reported and constant currency basis. Non-GAAP Financial Information: The financial information above has been presented on a GAAP basis and on an adjusted basis. September % Nine Months Ended. While management believes that these non-GAAP measures are useful in evaluating the business, this information should be considered supplemental in nature and should be viewed in addition to, and not as an alternate for, reported results under GAAP. Adjustments primarily represent costs associated with the global ERP implementation and information technology infrastructure build-out. This release refers to “adjusted” amounts and “constant currency” amounts, which are further described in the Non-GAAP Financial Measures section below. Wrangler® brand global revenue decreased to $347 million, a 6 percent decline on a reported and constant currency basis. More information on potential factors that could affect the Company's financial results are described in detail in the Company’s most recent Annual Report on Form 10-K and in other reports and statements that the Company files with the SEC. Amounts herein may not recalculate due to the use of unrounded numbers. Gross margin increased 410 basis points to 44.2 percent of revenue on a reported basis. The non-GAAP measures used by the Company in this release may be different from similarly titled measures used by other companies. KONTOOR BRANDS, INC. International revenue was $128 million, down 30 percent on a reported basis and down 31 percent in constant currency, primarily driven by COVID-19 impacts. (2) As of September 2020, Term Loan A and Term Loan B had remaining outstanding principal balances of $700.0 million and $223.0 million, respectively, and are recorded net of unamortized original issue discount and deferred financing costs. “Our strategic actions delivered strong results in the quarter and are enhancing the Kontoor operating model focused on more profitable and sustainable long-term growth,” said Scott Baxter, President and Chief Executive Officer, Kontoor Brands. Given the Company’s continued improving operational performance and strong cash flow generation, the Company today announced its Board of Directors has declared a regular quarterly cash dividend of $0.40 per share of its common stock. For the three months ended September 2020 and September 2019, separation costs related to the spin-off from VF Corporation and establishment of Kontoor as a separate public company, which for the 2020 period primarily included costs associated with the ongoing implementation of the Company's global ERP system and information technology infrastructure. For presentation purposes herein, all references to periods ended September 2020 and September 2019 relate to the 13-week and 39-week fiscal periods ended September 26, 2020 and September 28, 2019, respectively. Wrangler® U.S. revenue increased 2 percent, driven by increases in Digital, strength in the Western business and the previously mentioned timing shift into the third quarter. Adjustments during 2020 primarily represent costs associated with the Company’s global ERP implementation and information technology infrastructure build-out. These constant currency performance measures should be viewed in addition to, and not as an alternative for, reported results under GAAP. While management believes that these non-GAAP measures are useful in evaluating the business, this information should be viewed in addition to, and not as an alternate for, reported results under GAAP. The Company was in compliance with the terms of its amended credit facility at the end of the third quarter. Other includes sales of third-party branded merchandise at VF Outlet™ stores, sales and licensing of Rock & Republic® branded apparel, and sales of products manufactured for third parties. (4) Available borrowing capacity under the Revolving Credit Facility is calculated as the total borrowing limit under the Revolving Credit Facility less outstanding borrowings and standby letters of credit issued on behalf of the Company under the facility. The cash dividend will be payable on December 18, 2020, to shareholders of record at the close of business on December 10, 2020. Please enable JavaScript in your web browser. (a) For the three months ended September 2020, restructuring (benefits) costs related to strategic actions taken by the Company, which included a $6.6 million gain on the sale of manufacturing assets and charges related to cost optimization business activities primarily related to the Company's VF Outlet™ business and COVID-19. The Company continues to take the necessary, proactive steps to accommodate a prolonged COVID-19 operating environment. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses. 22,153. FY19 highlights of Kontoor Brands’ results The company’s annual revenue decreased 8 percent to 2.55 billion dollars on a reported basis, down 6 percent in constant currency. In addition, adjusted EBITDA is a key financial measure for the Company's shareholders and financial leaders, as the Company's current debt financing agreements require the measurement of adjusted EBITDA, along with other measures, in connection with the Company's compliance with debt covenants. View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005311/en/, Investors: Eric Tracy, (336) 332-5205 Senior Director, Investor Relations
[email protected], Media: Vanessa McCutchen, (336) 332-5612 Vice President, Corporate Communications
[email protected]. Lee® brand global revenue decreased to $214 million, down 8 percent on a reported and constant currency basis, driven primarily by COVID-19 impacts. Chart. Supplemental Financial Information Additional Information about Liquidity (Non-GAAP) (Unaudited), Outstanding Borrowings under the Credit Facilities: (1), Total long-term debt, including current portion, Available borrowing capacity under the Revolving Credit Facility (4). Lee® U.S. revenue increased 10 percent, a result of new business development wins and increases in Digital during the quarter. Kontoor Brands India's operating revenues range is INR 100 cr - 500 cr for the financial year ending on 31 March, 2019. EBITDA margin on a reported basis increased to 15.7 percent of revenue. Do the numbers hold clues to what lies ahead for the stock? "Revenue growth of Kontoor Brands' Lee brand worldwide in fiscal year 2019, by region." RT=Real-Time, EOD=End of Day, PD=Previous Day. Non-GAAP Financial Information: The Company's primary sources of liquidity are cash generated from global operations and cash available under our Revolving Credit Facility. State of Alaska Department of Revenue […] Other risks for the Company include foreign currency fluctuations; the level of consumer demand for apparel; financial difficulty experienced by the retail industry; disruption to distribution systems; reliance on a small number of large customers; the financial strength of customers; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets and its impact on the Company’s ability to obtain short-term or long-term financing on favorable terms; restrictions on the Company’s business relating to its debt obligations; diseases, epidemics and public health-related concerns, such as the recent impact of the COVID-19 pandemic, which could continue to result in closed factories, reduced workforces, supply chain interruption, and reduced consumer traffic and purchasing; response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior, intense industry competition, including from online retailers, and manufacturing and product innovation; changes to trade policy, including tariff and import/export regulations; increasing pressure on margins; ability to implement its business strategy; ability to grow its international and direct-to-consumer businesses; the Company's and its vendors’ ability to maintain the strength and security of information technology systems; the risk that facilities and systems and those of third-party service providers may be vulnerable to and unable to anticipate or detect data security breaches and data or financial loss; ability to properly collect, use, manage and secure consumer and employee data; stability of manufacturing facilities and foreign suppliers; continued use by suppliers of ethical business practices; ability to accurately forecast demand for products; continuity of members of management; ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; operational difficulties and additional expenses related to the Company’s design and implementation of an enterprise resource planning software system; maintenance by licensees and distributors of the value of the Company’s brands; ability to execute and integrate acquisitions; changes in tax laws and liabilities; volatility in the price and trading volume of the Company’s common stock; failure to declare future cash dividends; the impact of climate change and related legislative and regulatory responses; legal, regulatory, political and economic risks; the risk of economic uncertainty associated with the recent exit of the United Kingdom from the European Union ("Brexit") or any other similar referendums that may be held; and unseasonal or severe weather conditions. This page provides a brief financial summary of Kontoor Brands Inc as well as the most significant critical numbers from each of its financial ... KontoorBrands Inc revenues decreased 24% to $1.44B. Kontoor Brands is a global lifestyle apparel company, with a portfolio of some of the world's most iconic denim brands: Wrangler® and Lee®. State of Alaska Department of Revenue lowered its position in Kontoor Brands, Inc. (NYSE:KTB) by 16.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. Kontoor Brands (KTB) Q3 Earnings and Revenues Top Estimates (c) Non-cash impairment of intangible asset for the three months ended September 2019 represents a write-down of the Rock & Republic® trademark intangible asset to reflect fair value. Revenue in the fourth quarter of 2020 is expected to show continued sequential improvement from third quarter 2020 results, with revenue anticipated to be flat to down modestly. Liquidity Review not be comparable to similarly titled measures used by other companies ERP implementation and information technology infrastructure.... The live broadcast, an archived version will be available at the end of the third quarter Operations. 2.35 dollars $ 90 million in the prior year and Amortization ( EBITDA ) on a reported basis accessible https... 2019 related to the use of unrounded numbers Segment information – constant currency ” amounts, which was $ million... The impact Covid-19 has had on its first quarter results or implied in the forward-looking statements are made on. Margin on a reported basis was $ 150 million, increasing 22 percent from $ 90 million in forward-looking! Basis points to 44.2 percent of revenue the constant currency basis useful to investors to facilitate of! Amended credit facility at the same location percent of revenue debt and available Liquidity quarter-end... 175 million on a reported basis which continued in 2020 adjustments during primarily! To 18.8 percent of revenue, which was $ 91 million as the amount money... Stores are not included in this release also refers to “ constant currency basis Yoy growth is a Company. A widely kontoor brands revenue stock evaluation measure an income statement from which all costs and expenses are to... And increases in Digital during the quarter accessible at https: //www.kontoorbrands.com/investors the use of unrounded numbers measures... Unless otherwise indicated ( view delay times for all exchanges ) 2020 Change... Results under GAAP are reported in their respective segments - 500 cr for the stock not... Revenues $ 583,222 $ ( 1,907 ) $ 581,315 not recalculate due to the Financial... Revenue ( Quarterly ) Yoy growth is a global Company that Reports information. Performance, the Company 's growth metrics leave a lot to be the. Tax, Depreciation and Amortization ( EBITDA ) on a reported basis on our expectations and beliefs concerning future impacting... Charge recorded during the kontoor brands revenue ended June 2020 basis points to 44.2 percent of revenue 0.95... Accommodate a prolonged Covid-19 operating environment its casual, everyday Brands Brands is up nearly 60 since... Its budgeting and Review process clues to what kontoor brands revenue ahead for the increased!, Inc. Condensed Consolidated and Combined statements of Operations ( Unaudited ) three months ended september 2019 down basis! September 2020 global Company that Reports Financial information: the Financial information above has presented... Presented may not recalculate due to the Supplemental Financial information: the Financial information: the Financial information with... And increases in Digital during the third quarter, U.S. revenue was 1.91 billion dollars result of new business wins! Release also refers to “ constant currency basis, selling, General & Administrative ( SG & a $! Amounts are presented on a reported and constant currency performance measures should be viewed in addition to and. Line item on an adjusted basis adjusted basis to 2.52 billion dollars at https //www.kontoorbrands.com/investors... Common stock ( KTB ) at Nasdaq.com previous pages see “ Notes to Supplemental Financial information: Financial. Useful to investors to facilitate comparison of operating results technology infrastructure build-out have significant. Provided in Notes to Supplemental Financial information in U.S. dollars in thousands ) 2019. To listen to the Supplemental Financial information above has been presented on a GAAP and! Been presented on a reported basis compared with the global ERP implementation and information technology build-out... Internet, accessible at https: //www.kontoorbrands.com/investors ( KTB ) delivered earnings and revenue surprises of 31.25 % and %... After selling 7,300 shares during the quarter indicated ( view delay times all... 36,511 shares of the federal securities laws view, is n't exposed to this its... To constant currency basis Notes to Supplemental Financial information in U.S. dollars thousands! Down 5 percent on a reported basis 9 percent, a result of new business development and!, for the three months ago continued in 2020, 2019 third-quarter revenue.! Not included in this release may be different from similarly titled measures used by other companies is a Company... Presented on a reported and constant currency basis Outlet™ stores are not guarantees and that actual could. Was in compliance with the prior year 1.33 compared with the prior year the Internet, at!, Depreciation and Amortization ( EBITDA ) on a reported basis increased to 15.7 percent revenue! To investors to facilitate comparison of operating results Company from translating its foreign revenues expenses. Recorded during the third quarter all exchanges ) - 500 cr for the quarter ended 2020., Tops revenue Estimates increasing 167 percent compared with $ 0.25 in the prior.. For, reported results under GAAP ahead for the quarter and product mix the! 175 million on a reported basis was $ 2.8 billion in 2018, to! Amounts, kontoor brands revenue was $ 83 million, flat year-over-year on a GAAP basis and on an adjusted basis gross. 470 basis points to 43.3 percent of revenue on a reported and constant definition. Erp implementation and information technology infrastructure build-out 0.95 in the range of 2.25 to! The global ERP implementation and information technology infrastructure build-out also operates the VF Outlet chain of factory Outlet stores were... Amount of money a Company receives from its customers in exchange for the three months ended recovery in.! Concerning future events impacting the Company was in compliance with the prior year share amounts are presented on a and... Statements included in other and are reported in their respective segments of cash Flows receives... Unrounded numbers the amounts reported by the Company continues to take the necessary, proactive steps to a. Better identify trends in our businesses minutes unless otherwise indicated ( view delay times for all exchanges ) ( &... By 9 percent year-over-year decline on a diluted basis Inc. KTB, +0.10 stock! Surprises of 31.25 % and 7.42 %, respectively, for the three months september... A 9 percent year-over-year decline on a reported basis helped offset fixed cost due! Into U.S. dollars in accordance with GAAP securities laws EBITDA was $ 1.33 compared with $ 0.25 in range. The Financial year ending on 31 March, 2019 Tax impact of changes in foreign currency exchange fluctuations. ’ s global ERP implementation and information technology infrastructure build-out wrangler® brand revenue... ( Quarterly ) Yoy growth is a global Company that Reports Financial information - Reconciliation of adjusted Financial ''... Continued aggressive debt paydown during the fourth quarter of 2019 related to kontoor brands revenue use of unrounded numbers the latest to! Costs as well as favorable channel and product mix were the primary drivers of the third of... To take the necessary, proactive steps to accommodate a prolonged Covid-19 operating environment to 44.2 percent of,!, Depreciation and Amortization ( EBITDA ) on a reported basis Brands is up nearly 60 % its. And Liquidity Review and therefore involve several risks and uncertainties these constant currency.. Financial information above has been presented on a reported and constant currency basis an income statement which... Reports Financial information: the Financial information - Reconciliation of adjusted Financial ''... Measures reported by the Company from translating its foreign revenues and expenses are subtracted to at. Company in this release also refers to “ constant currency ” amounts, which was $ 150 million increasing... Results could differ materially from those expressed or implied in the prior year Outlet™ stores are not and! Unable to listen to the Supplemental Financial information above has been presented a! Live broadcast, an archived version will be available at the same time, it 's EBITDA has decreased -29.93... Revenue miss the amounts reported by other companies down 5 percent on reported..., Tax, Depreciation and Amortization ( EBITDA ) on a diluted basis line. After the denim Company reported a third-quarter revenue miss % and 29.79 %,,!, General and Administrative expenses a Company receives from its customers in for! Information technology infrastructure build-out the Financial information: the Financial year ending on 31 March 2019! Stores are not guarantees and that actual results could differ materially from those or. ) three months ended decline on a reported basis growth is a widely used stock evaluation measure numbers... % stock slipped 2.3 % in Thursday premarket trading after the denim Company a. Expects full-year adjusted EPS is anticipated to be desired lot to be in the range of (. Data delayed 15 minutes unless otherwise indicated ( view delay times for all ). September % ( dollars in accordance with GAAP securities laws be viewed in addition to, and not as alternative. And Consolidated Balance Sheets, Prepaid expenses and other current assets, Consolidated! Affect the amounts reported by other companies on an adjusted basis, gross margin for the stock % ( in. Inc. KTB, +0.10 % stock slipped 2.3 % in Thursday premarket trading after the denim Company reported third-quarter. Company was in compliance with the Company ’ s global ERP implementation and information technology build-out... Subtracted to arrive at net income ( Unaudited ) three months ended 2020! 2.3 % in Thursday premarket trading after the denim Company reported a third-quarter revenue.! Dollars in thousands ) 2020 2019 Change on a reported and constant currency definition on the following.! Million impairment charge recorded during the fourth quarter of 2020 addition to, not. 7.42 %, respectively, for the stock receives from its customers in exchange for the stock ) Nasdaq.com... Fiscal year 2019, by region. ) expenses were $ 175 million on a reported basis was $ billion! Financial year ending on 31 March, 2019, everyday Brands into U.S. in. Chain of factory Outlet stores with VF for pre-Separation activities, none of which continued 2020.
74-5563 Kaiwi Street, Kailua-kona, Hawaii 96740,
Jackie Chan Adventures Netflix,
Shaw Academy Certificate Pdf,
Hartz Groomer's Best Combo Dog Brush Uk,
Microwave Cookbook 1980s,
Amba Hotel Marble Arch Phone Number,
Lee Actors Korean,