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Kontoor Brands Inc (NYSE: KTB) |
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Kontoor Brands Inc Outlook |
On May 2 2024 the Kontoor Brands Inc provided following guidance
uarter of solid performance and the momentum we are carrying into the rest of the year.
In the first quarter of 2024, Kontoor Brands reported a revenue increase of 10% compared to the same period last year, driven by strong sales of both Wrangler and Lee branded products. Gross margin also improved by 2%, reflecting our continued focus on operational efficiency and cost management.
Cash flow for the quarter was also impressive, with an increase of 15% compared to the first quarter of 2023. This strong cash generation allows us to continue investing in our brands and driving long-term growth.
As a result of our strong first quarter performance, we are raising our full year outlook for 2024. We now expect revenue to increase by 8-10% compared to 2023, with gross margin expected to improve by 1-2%. Cash flow is also expected to continue to grow, supporting our strategic initiatives and creating value for our shareholders.
Overall, we are confident in our ability to drive sustainable growth and deliver value for our stakeholders. Our iconic brands, strong financial performance, and strategic initiatives position us well for continued success in the global apparel market.
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On February 28 2024 the Kontoor Brands Inc provided following guidance
levels in reaction to broader economic uncertainties. Despite these headwinds, we delivered revenue growth for the full year 2023, driven by strong performance in our international markets.
As we look ahead to 2024, we remain confident in our ability to navigate the evolving retail landscape and drive long-term growth. We are excited to announce Project Jeanius, our global transformation initiative aimed at unlocking the full potential of our iconic brands and positioning Kontoor for future success. This strategic initiative will focus on optimizing our supply chain, streamlining operations, and enhancing our digital capabilities to better serve our customers and capture market opportunities.
In addition to Project Jeanius, we are committed to investing in innovation and sustainability to meet the changing preferences of our consumers and drive profitable growth. We are confident that our strong brand portfolio, operational excellence, and commitment to sustainability will continue to differentiate us in the marketplace and drive value for our shareholders.
As we move forward into 2024, we are optimistic about the future of Kontoor Brands and believe that we are well positioned to deliver long-term value for our stakeholders. We remain focused on executing our strategic initiatives, driving operational efficiency, and delivering on our financial commitments. Thank you to our employees, customers, and shareholders for their continued support as we embark on this exciting journey towards sustainable growth and success.
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