H1 results show ‘great momentum’, Kontoor Brands says
Kontoor Brands, the parent company of Wrangler and Lee, has reported revenues of just under $1.25 billion for the first six months of 2024. This represents a fall of 4% year on year.
Over the period, though, the company increased its profits by 8%, reaching $111.3 million. Looking at the second quarter on its own, Kontoor’s profits increased by 42% to reach $51.8 million.
Chief executive, Scott Baxter, said the results for the second quarter had exceeded the Greensboro, North Carolina-based company’s expectations. He explained: “Our fundamentals continue to improve. We are carrying great momentum into the second half of the year and are raising our outlook, including the impact of additional investment in demand creation that will support profitable growth for the balance of the year and beyond.”
The company said it now expects full-year revenues of around $2.6 billion.
