Kontoor rises in face of 'unprecedented' challenges
01/03/2023
Across the board, full-year revenues amounted to $2.63 billion, the company said.
This was ahead of earlier announced targets and in spite of “unprecedented macroeconomic challenges”, commented Kontoor's president, chief executive and chairman of the board, Scott Baxter.
US revenue totalled $2.07 billion, a 11% rise on the year previous, while international revenue reached $557 million, an 8% decline versus figures for 2021. Notably, the group’s Chinese business contracted by 23% YOY, which the company attributed to covid-related restrictions, whereas European revenue decreased by 5%.
Globally, the Lee brand experienced a 1% drop YOY, achieving $874 million. This decline was largely driven by negative growth of 12% in China, according to the company. Worldwide, non-denim categories such as t-shirts contributed “significant gains” over the previous year, it added.
Revenues at Wrangler, meanwhile, grew 11% YOY to reach $1.75 billion.
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