Better than expected Q3 results for Kontoor
01/11/2024
Over the period, revenues for Wrangler were up 4% compared to the same quarter in 2023, at $464 million. Sales increased in the US (+5%) as international sales were down (-3%). Revenues for Lee were down 3%, at $202 million.
The Greensboro-based group announced that inventory was down 24%, at $462 million, in the quarter.
With these slightly better than expected financial results, the Greensboro-based group has raised its outlook for the fourth quarter and full year. “Our business is positioned to strengthen in the fourth quarter, as evidenced by accelerating revenue growth, gross margin expansion, stronger operating earnings growth and further reductions in inventory. We will continue to manage the business conservatively in light of the uncertain environment, but remain confident in our ability to drive strong returns for the balance of the year and into 2025,” declared Scott Baxter, CEO & president of Kontoor Brands.
The company now expects revenues for the full year to be in the range of $2.6 billion.
Image courtesy of Kontoor Brands
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