Shares of apparel products provider Kontoor Brands (NYSE:KTB) are in the spotlight today after the company delivered better-than-expected fourth-quarter numbers.
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Revenue rose nearly 7.5% year-over-year to $731.9 million, outperforming expectations by $65.1 million. EPS at $0.88 too, came in ahead of estimates by $0.21. During the quarter, Kontoor saw positive momentum in domestic wholesale and Digital. International sales, on the other hand, saw an impact from lockdowns and restrictions in China.
Looking ahead, for 2023, the company expects revenue to inch up at a low single-digit percentage. EPS is seen landing between $4.55 and $4.75.
Overall, Wall Street has a consensus price target of $49.50 on KTB, implying a 13.79% potential upside in the stock. That’s on top of a 13.7% rise in the share price over the past six months.
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