×
1 222
Fashion Jobs
ALEXANDER MCQUEEN
Collection Coordinator Assistant
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots, Oxford - 24 Hours - Part Time, Permanent
Permanent · Oxford
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place London - 37.5 Hours - Full Time, Permanent
Permanent · London
PAUL SMITH
Office Administrator
Permanent · NOTTINGHAM
FRASERS GROUP
Trainee Commercial Manager
Permanent · SHIREBROOK
FOREO
Key Account Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 26 Hours - Part Time, Permanent
Permanent · Edinburgh
BEARA BEARA
Marketing Executive (Taiwanese)
Permanent · LONDON
BRANDLAB 360 - HULA
Hula by Barbara Hulanicki – Wholesale Sales Manager
Permanent · LONDON
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
Permanent · London
ESTÉE LAUDER
Mac - Area Sales And Education Manager - London - Maternity Cover
Permanent · London
RALPH LAUREN
Operations Manager - Gretna
Permanent · Gretna
LUXURY RECRUIT
Head of Digital - Luxury
Permanent · LONDON
LUXURY RECRUIT
Brand Director - Luxury
Permanent · LONDON
LEVI'S
Mobile App Trading & Operations Manager
Permanent · London
BLACK PR
Sales Account Manager
Permanent · LONDON BOROUGH OF HACKNEY
ESTÉE LAUDER
Clinique - Consultant - Boots, Inverness - 18 Hours - Part Time, Permanent
Permanent · Inverness
RELY RECRUITMENT
Head of Finance / Finance Manager
Permanent · LONDON
LEVI'S
Performance Marketing Manager
Permanent · London
Published
Nov 4, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Digital strength drives revenue growth at Kontoor Brands

Published
Nov 4, 2021

Kontoor Brands, Inc., the owner of the Lee and Wrangler labels, announced third-quarter revenue of $652.3 million on Thursday, an increase of 12% compared to $583.2 million in the same period in the previous year. In constant currencies growth was 11%.
 

Growth in Kontoor's digital channels was somewhat offset by the impact of the company's strategic actions in Q3 - Instagram: @wrangler


According to the Greensboro, North Carolina-based denim specialist, its progress in the third quarter ended October 2, 2021, was primarily driven by growth in its digital business, both in its own e-commerce channels and in digital wholesale.
 
This was somewhat offset by the impact of the company’s closure of its VF Outlet stores, as well as the discontinuation of the sale of third-party branded merchandise in all of the group’s stores. When compared to Q3 2019, the most recent third quarter prior to the impact of the Covid-19 crisis, Kontoor’s revenue growth was 2%, or 11% excluding the impact of these strategic actions.

The company’s quarterly revenues in the U.S. were $492.8 million, up 8% from $455.5 million in the prior-year period. Its company-owned digital business in the region posted a 52% rise in revenues, while digital wholesale experienced 90% growth. Compared to the third quarter of 2019, Kontoor’s owned digital sales rose 118%, while digital wholesale revenues increased 237%.
 
International revenue totaled $159.5 million, an increase of 25% compared to $127.8 million in the prior-year period. In China, the company saw revenue growth of 22%, while in Europe its sales increased 19%.
 
Broken down by brand, revenues rose 22% year over year to $421.5 million at Wrangler, with the brand’s U.S. operations posting a 20% increase. Revenues at Lee totaled $228.0 million, up 6% compared to the prior-year period.
 
Kontoor’s net earnings for the third quarter were $63.4 million, or $1.07 per diluted share, compared to $60.8 million, or $1.05 per diluted share, in the same period in the previous year.
 
“Kontoor is uniquely positioned to win in the marketplace, as evidenced by another quarter of broad-based strength across segments, channels and regions,” commented Kontoor Brands president and CEO Scott Baxter in a release.
 
Year to date, Kontoor reported net earnings of $151.5 million, or $2.56 per diluted share, on revenues of $1.8 billion. This compares to earnings of $24.8 million, or $0.43 per diluted share, on revenues of $1.4 billion, in the same nine-month period in 2020.
 
In line with its progress in the third quarter, Kontoor announced that it has increased its financial guidance for the full fiscal year. The company now expects its annual revenues to see a year-over-year percentage gain in the high-teens, totaling between $2.47 billion and $2.48 billion.
 
“We expect our momentum to continue building, as reflected in our raised fiscal year guidance,” added Baxter. “Our strategic investments in key TSR-bolstering enablers such as digital, demand creation and people should fuel our accelerating fundamentals,” he concluded.
 

Copyright © 2022 FashionNetwork.com All rights reserved.