Q4 2024 Kontoor Brands Inc Earnings Call Transcript
Key Points
- Kontoor Brands Inc (KTB) reported better-than-expected revenue and profitability for the fourth quarter of 2024.
- The company's digital business grew 11% for the year, with a 16% increase in the fourth quarter.
- Project Genius is expected to deliver $100 million in savings, with benefits starting to flow through the P&L in 2025.
- Wrangler brand achieved 11 consecutive quarters of market share growth, with a 9% increase in global revenue in the fourth quarter.
- Kontoor Brands Inc (KTB) returned approximately $200 million to shareholders through dividends and share repurchases in 2024.
- Lee brand's global revenue decreased by 5% in the fourth quarter, with challenges in the mid-tier channel impacting wholesale revenue.
- The company anticipates a potential $50 million impact on operating profit in 2025 if proposed tariffs on imports from Mexico are implemented.
- Lee's performance was below expectations, with a 6% decline in US revenue driven by a decrease in wholesale.
- The consumer environment remains uncertain, with recent POS trends showing a decline in February.
- Kontoor Brands Inc (KTB) paused share repurchase activity in anticipation of the acquisition of Hallie Hansen.
Greetings, and welcome to Kontoor Brands Q4 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Michael Karapetian, VP, Corporate Development, Enterprise Strategy, and IR. Thank you. You may begin.
Thank you, operator, and welcome to Contour Brand's 4th quarter and fiscal year 2024 earnings conference call.
Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to materially differ. These uncertainties are detailed in documents filed with the SEC. We urge you to read our risk factors, cautionary language, and other disclosures contained in those reports.
Amounts referred to on today's call will often be on an adjusted dollar basis, which we clearly define in the news release that was issued earlier this
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