Wrangler, Lee jeans parent Kontoor Brands reports earnings beat, raises full-year outlook

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Wrangler and Lee jeans parent Kontoor Brands Inc. KTB, +3.66% reported third-quarter profit and revenue that beat expectations, boosted by strength in digital, and raised its full-year outlook. The stock was still inactive in premarket trading. Net income rose to $63.4 million, or $1.07 a share, from $60.8 million, or $1.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.28 beat the FactSet consensus of $1.03. Revenue grew 11.8% to $652.3 million, above the FactSet consensus of $617.1 million, while cost of goods sold increased 11.4% to $362.7 million. Wrangler revenue rose 22% to $422 million and Lee revenue increased 6% to $228 million. For 2021, the company raised its adjusted EPS guidance range to $4.15 to $4.20 from $3.90 to $4.00, its revenue growth outlook to a high-teens percentage from a mid-teens percentage. The stock has slipped 1.7% over the past three months while the S&P 500 SPX, +0.65% has gained 5.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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