Kontoor Brands, Inc. - KTB STOCK NEWS

Wrangler and Fender Musical Instruments Corporation have announced the second global launch of their collaboration, featuring limited-edition guitar accessories and unique denim clothing. The collection includes graphic tees, denim jackets, and accessories like gold-stitched straps and custom guitar cases, inspired by the heritage of music and denim. Retail prices for clothing range between $60 and $250, while accessories are priced from $9.99 to $89.99. This collaboration seeks to honor artists who have impacted music and style, encouraging self-expression among fans.

Kotoor Brands (NYSE: KTB) reported a strong finish for Q4 2022, with revenue of $732 million, a 7% increase year-over-year, and earnings per share (EPS) of $0.91. For the full year 2022, revenue reached $2.63 billion, up 6%, while EPS stood at $4.31. The company announced a quarterly dividend of $0.48 per share, payable March 20, 2023. In 2023, KTB anticipates low-single digit revenue growth and expects EPS between $4.55 to $4.75. Despite challenges from COVID-related impacts in China, the company remains optimistic about its strategic investments and long-term goals.

Kontoor Brands, Inc. (NYSE: KTB) has announced a quarterly cash dividend of $0.48 per share, payable on March 20, 2023, to shareholders of record by the close of business on March 10, 2023. This dividend reflects the company's ongoing commitment to returning value to its stakeholders while maintaining a strong financial position. As a global lifestyle apparel company, Kontoor is recognized for its iconic brands, Wrangler and Lee, and continues to focus on strategic growth and supply chain excellence to ensure sustainable value delivery.

Kotoor Brands, Inc. (NYSE: KTB), a leading lifestyle apparel company known for its Wrangler® and Lee® brands, plans to release its fourth quarter 2022 financial results on February 28, 2023, at 6:50 a.m. ET. Following the release, management will hold a conference call at 8:30 a.m. ET to discuss the results, which will be available for live streaming on kontoorbrands.com/investors. For those unable to attend live, an archived version will be accessible later on the same website.

Wrangler announces a year-long sponsorship of Black Opry, a platform that advocates for Black artists in country and Americana music. This partnership includes supporting three concerts and highlighting Black performers on Wrangler's online and social media channels. Senior Director John Meagher emphasized the collaboration's importance in amplifying often overlooked Black country artists. Black Opry, founded in 2021, aims to reclaim the space of Black entertainers in the music industry, with founder Holly G expressing pride in partnering with a brand rooted in American music culture.

Wrangler has partnered with Pendleton Woolen Mills to launch the Wrangler x Pendleton Collection, showcasing western-inspired clothing made from durable denim, wool, and cotton.

This collection highlights craftsmanship and bold designs, reflecting the beauty of the American Southwest with prices ranging from $49-495. This collaboration marks the finale of Wrangler's 75th anniversary celebrations, emphasizing the brand's commitment to quality and heritage.

Wrangler has unveiled a limited edition collection called Wrangler Reissue, celebrating its 75-year heritage. The collection showcases reissued designs inspired by iconic pieces from the brand’s history. Highlights include the Selvedge Jacket, a replica from the 1960s, made from American-made selvedge denim, and the Cowboy Cut Comic Book Jean, inspired by 1950s comic books. Prices range from $79 to $265. The collection is a significant part of Wrangler’s anniversary festivities, reinforcing its commitment to quality and design.

Wrangler® announced the digital auction of a unique belt buckle, handmade by Montana Silversmiths, celebrating its diamond anniversary. Priced over $40,000, all proceeds will benefit Western Sports Foundation and Lead Changes, both dedicated to youth engagement in western sports. Bidding starts at $7,500 and concludes on December 30, 2022. The auction is part of Wrangler's commitment to preserving the cowboy spirit, with funds aiding in-person training events for young people.

Kontoor Brands (KTB) reported Q3 2022 revenue of $607 million, down 7% from Q3 2021, attributed to U.S. retailer inventory rebalancing and COVID lockdowns in China. Adjusted EPS for the quarter was $1.11, slightly up from $1.07 year-over-year. The company revised its 2022 revenue growth forecast to 4%, down from 6%. Despite challenges, KTB noted strong sell-through for its brands and a dividend increase of 4%. Gross margin decreased to 43.5%, impacted by inflation and higher costs. KTB expects Q4 revenue acceleration due to improved inventory levels and ongoing digital growth.