Kontoor Brands Inc. KTB, +1.89% shares rose 1.5% in Thursday premarket trading after the denim company reported second-quarter earnings that beat expectations and raised its guidance. Net income totaled $23.6 million, or 40 cents per share, after a loss of $33.3 million, or 58 cents per share, last year. Adjusted EPS of 70 cents blew past the FactSet consensus of 39 cents. Revenue of $490.8 million was up from $349.3 million last year and also ahead of the FactSet consensus for $479.4 million. Kontoor’s portfolio includes iconic Wrangler and Lee brands. Kontoor’s board has approved a $200 million share repurchase program. And the company raised its full-year guidance. Revenue is now expected to be $2.39 billion to $2.42 billion, a mid-teens growth range, up from previous guidance for a low-teens range increase. The FactSet consensus is for $2.405 billion, implying a 14.6% increase year-over-year. Adjusted EPS is now expected to be in the range of $3.90 to $4.00, up from $3.70 to $3.80 previously. The FactSet consensus is for $3.89. Kontoor stock has rallied 42.9% for the year to date while the S&P 500 index SPX, +0.17% has gained 17.2% for the period.
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