Kontoor Brands (KTB) FY2022 results: revenue $2.6 billion, up 6.3% on the year

Kontoor Brands, Inc. (KTB) reported revenue of $2.6 billion for fiscal 2022, the year ended 31 December 2022, up 6.3% on the year before. Net income was $245 million, up 25.6%, and diluted earnings per share $4.31. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$2.6 billion

+6.3% on the year

FY2017FY2022

Operating margin

13.6%

11.4% a year earlier

FY2017FY2022

Net income

$245 million

+25.6% on the year

FY2017FY2022

Diluted EPS

$4.31

+30.2% on the year

FY2017FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,631	2,476	2,098	+6.3%
Cost of revenue	1,497	1,368	1,234	+9.4%
Gross profit	1,134	1,108	864	+2.4%
Gross margin	43.1%	44.7%	41.2%
Selling, general and administrative	778	825	740	-5.7%
Operating income	357	283	124	+26.0%
Operating margin	13.6%	11.4%	5.9%
Interest expense	34.9	38.9	50.0	-10.2%
Pre-tax income	319	245	72.9	+30.5%
Income tax	73.6	49.2	5.0	+49.8%
Effective tax rate	23.1%	20.1%	6.9%
Net income	245	195	67.9	+25.6%
Net margin	9.3%	7.9%	3.2%
Diluted EPS	$4.31	$3.31	$1.17	+30.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	83.6	284	242	-70.6%
Capital expenditure	18.4	10.6	18.2	+74.2%
Free cash flow	65.2	273	224	-76.1%
Free cash flow margin	2.5%	11.0%	10.7%
Cash from investing	-30.1	-39.4	-49.1
Cash from financing	-171	-304	-57.7
Depreciation and amortisation	37.1	36.6	34.5	+1.4%
Share-based compensation	21.9	38.5	15.9	-43.2%
Buybacks	62.5	75.5	0.0	-17.2%
Dividends paid	104	95.1	54.8	+9.0%
Dividend per share	$1.86	$1.66	$0.96	+12.0%
Diluted shares, weighted	57m	59m	58m	-3.6%
Shares outstanding at period end	56m	56m	57m	-1.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	251	148	84.6	+69.3%
Short-term borrowings	n/a	0.2	1.1
Debt	800	791	913	+1.1%
Operating lease liabilities	31.5	33.0	39.8	-4.5%
Other liabilities	500	560	507	-10.7%
Total liabilities and equity	1,582	1,533	1,546	+3.2%
Fixed assets	104	105	119	-0.7%
Goodwill	210	212	213	-1.2%
Intangible assets	13.4	14.6	16.0	-8.7%
Cash and equivalents	59.2	185	248	-68.1%
Receivables	226	290	231	-22.1%
Inventory	597	363	341	+64.4%
Other assets	373	363	377	+2.8%
Total assets	1,582	1,533	1,546	+3.2%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.