Kontoor Brands Inc. (KTB) Tops Q1 EPS by 2c, Revenues Miss
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Kontoor Brands Reports First Quarter 2020 Results; Announces Actions to Further Strengthen Financial Flexibility
May 7, 2020 6:50 AM EDTSignificant business impacts from COVID-19 on Q1 2020 revenue and profit Q1 2020 Reported Revenue of $504 million Q1 2020 GAAP EPS of $(0.05), Adjusted EPS of $0.27 While Q1 2020 wholesale revenue declined due to customer door closures, digital sales increased 10 percent, including a 41 percent increase in U.S. digital wholesale Credit facility amended to provide leverage covenant relief in future periods Temporary suspension of dividend in conjunction with credit facility amendment Significant new distribution and program gains expected for second half 2020... More
