Kontoor Brands Expects FY24 Revenue of $2.57B-$2.63B Vs $2.595B Est, Adj EPS $4.70-$4.80 ($4.65-$4.75 prior) Vs $4.66 Est

Updated Full Year 2024 Financial Outlook

• Revenue is expected to be in the range of $2.57 to $2.63 billion, representing a decrease of 1 percent to an increase of 1 percent, consistent with the prior outlook
• Adjusted gross margin is now expected to approximate 44.6 percent (44.2 to 44.4 percent prior), representing an increase of 210 basis points compared to the prior year on an adjusted basis, excluding the out-of-period duty charge
• Adjusted operating income is now expected to be in the range of $377 to $387 million ($372 to $382 million prior), representing an increase of 8 to 11 percent compared to the prior year on an adjusted basis, excluding the out-of-period duty charge
• Adjusted EPS is now expected to be in the range of $4.70 to $4.80 ($4.65 to $4.75 prior), representing an increase of 6 to 8 percent compared to the prior year on an adjusted basis excluding the out-of-period duty charge
• Cash from operations is now expected to exceed $335 million (exceed $325 million prior)