Kontoor Brands Reports First Quarter 2020 Results; Announces Actions to Further Strengthen Financial Flexibility
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Kontoor Brands Inc. (KTB) Tops Q1 EPS by 2c, Revenues Miss
May 7, 2020 6:54 AM EDTKontoor Brands Inc. (NYSE: KTB) reported Q1 EPS of $0.27, $0.02 better than the analyst estimate of $0.25. Revenue for the quarter came in at $504 million versus the consensus estimate of $522.76 million.
Significant business impacts from COVID-19 on Q1 2020 revenue and profitQ1 2020 Reported Revenue of $504 millionQ1 2020 GAAP EPS of $(0.05), Adjusted EPS of $0.27While Q1 2020 wholesale revenue declined due to customer door closures, digital sales increased 10 percent, including a 41 percent increase in U.S. digital wholesaleCredit facility amended to provide leverage covenant relief in future periodsTemporary suspension of dividend in conjunction with credit... More