Kontoor Brands, Inc. (NYSE: KTB), a global lifestyle apparel company, with a portfolio led by two of the world’s most iconic consumer brands, Wrangler® and Lee®, today reported financial results for its first quarter ended March 28, 2020, and updated its impacts and actions related to COVID-19.

Closures include VF Outlet, Lee-Wrangler Outlets, Lee-Wrangler Clearance Centers, Wrangler and Hometown Studio stores.

Kontoor Brands, Inc. (NYSE: KTB), a global lifestyle apparel company, with a portfolio led by two of the world’s most iconic consumer brands, Wrangler® and Lee®, today announced that the format of its 2020 Annual Meeting of Shareholders has been changed to a virtual-only meeting, instead of an in-person meeting, due to continued public health precautions regarding in-person gatherings and to support the health and well-being of shareholders and company personnel given the COVID-19 pandemic. As previously announced, the Annual Meeting will be held on Tuesday, April 21, 2020, at 11 a.m. EDT. Shareholders will not be able to attend the Annual Meeting in person.

Kontoor Brands Inc. stock fell 6.7% in Thursday trading after the denim company reported first-quarter revenue that missed expectations. Net losses totaled $2.7 million, or 5 cents per share, after net income of $15.4 million, or 27 cents per share, last year. Adjusted EPS was 27 cents, ahead of the FactSet consensus for 22 cents. Revenue totaled $504.5 million, down from $648.3 million and below the $522.0 million FactSet outlook. Kontoor's portfolio of brands includes Wrangler, Lee and Rock & Republic. The company previously withdrew its 2020 guidance. Kontoor ended the quarter with $479 million in cash and equivalents and $1.4 billion in long-term debt. The company drew down its $475 million credit facility, has suspended its dividend, reduced management salaries and taken other financial measures in response to the COVID-19 outbreak. Kontoor says 85% of its business is done through the wholesale channel, with a material decline due to widespread store closures. Kontoor stock is down 58% for the year to date while the S&P 500 index is down 10.6%.

Kontoor Brands, Inc. (NYSE: KTB), a global lifestyle apparel company, with a portfolio led by two of the world’s most iconic consumer brands, Wrangler® and Lee®, today announced several actions being taken to navigate the uncertainty associated with the COVID-19 virus.

To the annoyance of some shareholders, Kontoor Brands (NYSE:KTB) shares are down a considerable 33% in the last month...

Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]

Kontoor (KTB) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Rating Action: Moody's takes rating actions on 10 Thai banks. Global Credit Research- 22 Apr 2020. Singapore, April 22, 2020-- Moody's Investors Service has today revised the outlooks on 10 Thai banks ...

Wrangler and Lee jeans parent Kontoor Brands Inc. said Monday it has begun producing about 50,000 patient gowns and 10,000 disposable isolation gowns for clinicians and donated to North Carolina hospitals in need amid the coronavirus pandemic. The gowns will be produced at the company's owned facilities, with fabric donated by Copen United Ltd. and Cotswold Industries Inc., zippers donated from YKK (U.S.A.) Inc. and disposable protective fabric from Precision Fabrics Group Inc. The stock, which was still inactive in premarket trading, has tumbled 67.1% year to date, while the S&P 500 has lost 23.0%.

Greensboro-based Kontoor Brands (NYSE: KTB), will hold its 2020 annual meeting of shareholders virtually on Tuesday, April 21, at 11 a.m. EDT. Shareholders may participate in the annual meeting providing they were shareholders of record as of the close of business on Feb. 18, 2020, or hold a legal proxy for the meeting provided by their bank, broker or nominee. The company has designed the format of the meeting to ensure shareholders are afforded the same rights and opportunities to participate as they would at an in-person meeting, using online tools to ensure shareholder access.

In honor of the 50th anniversary of Earth Day, Wrangler®, a global icon in jeanswear and casual apparel, announced that its manufacturing has saved over 7 billion liters of water in the production of denim products, equivalent to the daily drinking water needs of almost 4 billion people. The savings surpasses the denim brand’s 2020 global year-end goal to save 5.5 billion liters and as a result, Wrangler plans to announce a new, more ambitious water conservation goal later this year.

Greensboro's Kontoor Brands to make 50,000 patient gowns, 10,000 isolation gowns for North Carolina hospitals.

Wrangler and Lee record decline in global revenue year over year Continue reading...

Lee and Wrangler parent company draws down $475 million in revolving credit, withdraws 2020 guidance.

Kontoor Brands, Inc. (NYSE: KTB), a global lifestyle apparel company, with a portfolio led by two of the world’s most iconic consumer brands, Wrangler® and Lee®, today announced that it has begun producing approximately 50,000 Level 1 patient gowns and 10,000 disposable isolation gowns for clinicians to assist hospitals that are dealing with the influx of patients as a result of the COVID-19 coronavirus pandemic.

In observance of the 50th anniversary of Earth Day, Greensboro-based Kontoor Brands’ (NYSE: KTB) Wrangler and Lee apparel brands have announced sustainability achievements and goals. “From the cotton field to the finishing process, water is essential to creating Wrangler jeans, and it’s also essential to local communities and future generations,” said Executive Vice President and Wrangler Brand President Tom Waldron. “We’re incredibly proud of reducing our ecological footprint through water efficiency and recycling, and are committed to continued conservation throughout our supply chain while also prioritizing product innovation that finds new ways to use water responsibly.”

Goldman Sachs has changed stock ratings on a number of brands and retailers as the coronavirus pandemic disrupts brick-and-mortar retail, impacting revenue, putting pressure on margins and putting stress on cash flow and liquidity. Goldman upgraded Ross Stores Inc. to buy from sell, but lowered its price target to $93 from $110. "Off-price is particularly well positioned to weather headwinds," analysts wrote. "[O]ur analysis suggests Ross Stores will continue to have sufficient cash on hand to operate into the second half even if revenue losses during the March 15-to-June 30 time period approach 90%." Analysts downgraded Under Armour Inc. to neutral from buy, and cut their price target cut to $9 from $21. Analysts say that 2020 was intended to be a "reset year" after losing "brand momentum," and their prior view was based on marketing investment to turn that around. In the current environment, Goldman is expecting Under Armour to struggle to fund that investment. And its efforts to sell at full price will be "at risk" if sales disruption continues. Weak brand momentum is also a problem for Kontoor Brands Inc. , the parent company to denim brands Wrangler and Lee. Goldman downgraded Kontoor to sell from neutral and reduced its price target to $17 from $32. Ross Stores stock was up 0.2% in Wednesday premarket trading but down 57.6% for 2020 so far. Under Armour shares rose 1.6% in premarket, but are down 56.2% over the last year. And Kontoor stock slumped 7.4% in premarket, and is down 38.4% for the year to date. The S&P 500 index has fallen 24.3% for 2020 to date.

In honor of the 50th anniversary of Earth Day, Lee®, the iconic apparel brand known for its timeless denim style and innovative apparel, announced its first-ever global sustainability goals. Established under Lee's recently launched global sustainability platform, For a World That Works™, these goals focus on boldly pursuing more sustainable solutions for apparel development and production.

Kontoor Brands Announces First Quarter Fiscal 2020 Earnings and Conference Call Date