Kontoor Brands (KTB) Announces Dividend Increase

Kontoor Brands, Inc. (NYSE: KTB), the global lifestyle apparel company known for iconic brands like Wrangler and Lee, has announced a regular quarterly cash dividend of $.50 per share of its common stock. This dividend will be payable on June 20, 2024, to shareholders of record at the close of business on June 10, 2024.

In terms of financial performance, Kontoor Brands reported its first-quarter earnings of 2024 with a revenue of $703 million, marking a 12% increase from the same period last year. The company’s net income for the quarter was $57 million, demonstrating a significant improvement from the $19 million reported in the prior-year quarter.

Moreover, Kontoor Brands' operating expenses for the quarter were $268 million, compared to $246 million in the same period last year. This increase can be attributed to the company's continued investments in marketing and product innovation to drive brand growth.

Additionally, the company reported an EBITDA of $115 million for the quarter, reflecting a strong performance compared to the $86 million reported in the first quarter of the previous year.

Kontoor Brands’ CEO, Scott Baxter, highlighted that the company's strategic initiatives have been driving growth, with a focus on leveraging its global platform and best-in-class supply chain to deliver long-term value for its stakeholders. The company remains committed to its purpose of offering high-quality products that resonate with consumers globally.

Today the company's shares have moved 1.9% to a price of $56.45. If you want to know more, read the company's complete 8-K report here.

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