Kontoor Brands set for best day ever on upbeat annual forecast

Kontoor Brands

28/02/2023 15:21

(Updates)
    ** Shares of Lee jeans maker Kontoor Brands Inc  KTB.N  rise as much as 18%
to over a year high of $51.35 in morning trade; stock set for best day ever
    ** Co forecasts annual profit and revenue above Wall Street estimates on
strong demand for its brands like Wrangler
    ** Sees full-year profit per share of $4.55 to $4.75, well above analysts'
estimate of $4.36, per Refinitiv data
    ** Also expects 2023 revenue to rise in low single digit percentage compared
with analysts' average expectation of 0.91%
    ** KTB's Q4 revenue and profit beats analysts' estimates
    ** Stock has risen ~3% in the past 12 months

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))