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Kontoor Brands posts uplift in second quarter revenue

Kontoor Brands, the owner of Wrangler and Lee, has seen its second quarter revenue climb by 25% to $614 million. The uplift in the three months… View Article

FASHION

Kontoor Brands posts uplift in second quarter revenue

Kontoor Brands, the owner of Wrangler and Lee, has seen its second quarter revenue climb by 25% to $614 million.

The uplift in the three months to 2 July was primarily driven by strength in the US where revenue grew by 40% to $510 million year-on-year.

However, this was partially offset by the performance of the company’s international business where revenue fell by 18% to £103 million after trading was impacted by Covid-19 lockdowns in China.

Meanwhile, net income rose to $62 million from $23.6 million a year earlier.

Scott Baxter, president, chief executive and chair of Kontoor Brands, said: “In a highly dynamic macroeconomic environment, supply chain challenges and inflationary pressures accelerated during the quarter. I am proud of our teams’ agility to navigate rapid changes, outperform on a relative basis in our largest market, and deliver on our second quarter profitability goals,”

While Wrangler brand global revenue climbed by 34% to $418 million in the period, revenue at Lee rose by 10% to $193 million.

The company has now updated its 2022 outlook by announcing that full year revenue is expected to increase by around 6% on 2021. This compares to a previous guidance of up to around 10%.

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