Wrangler, Lee Parent Kontoor Brands' Q4 Top-Line Misses Street View - Kontoor Brands (NYSE:KTB)

Kontoor Brands Inc KTB reported fourth-quarter FY21 sales growth of 3.1% year-on-year, to $681 million, missing the consensus of $688.23 million.
The company attributed the revenue growth to strength in digital own.com, positive trends in the U.S. wholesale business, and solid performance in international markets.
Revenue in the U.S. increased 1% Y/Y, and international revenue rose 12%.
Global revenue from the Wrangler brand decreased 1% Y/Y, and the Lee brand grew 14%.
Adjusted EPS of $0.88 beat the consensus estimate of $0.79.
The adjusted gross profit margin for the quarter contracted 60 basis points Y/Y to 42.6%. The adjusted operating margin decreased 430 basis points to 10.6%, and adjusted operating income for the quarter fell 27.3% to $72 million.
Kontoor Brands held $185.3 million in cash and equivalents as of December 2021. Cash provided by operating activities for twelve months totaled $283.8 million.
The company's regular quarterly cash dividend of $0.46 per share is payable on March 18, 2022, to shareholders of record on March 8, 2022.
Outlook: Kontoor Brands sees FY22 sales of about $2.7 billion versus the consensus of $2.64 billion.
The company expects FY22 EPS of $4.65 - $4.75, above the consensus of $4.58.
Price Action: KTB shares are trading lower by 5.58% at $46.78 on the last check Tuesday.