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. 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