Kontoor Brands (KTB) FY2023 results: revenue $2.6 billion, down 0.9% on the year

Kontoor Brands, Inc. (KTB) reported revenue of $2.6 billion for fiscal 2023, the year ended 30 December 2023, down 0.9% on the year before. Net income was $231 million, down 5.9%, and diluted earnings per share $4.06. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$2.6 billion

-0.9% on the year

FY2017FY2023

Operating margin

12.2%

13.6% a year earlier

FY2017FY2023

Net income

$231 million

-5.9% on the year

FY2017FY2023

Diluted EPS

$4.06

-5.8% on the year

FY2017FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,607	2,631	2,476	-0.9%
Cost of revenue	1,520	1,497	1,368	+1.5%
Gross profit	1,088	1,134	1,108	-4.1%
Gross margin	41.7%	43.1%	44.7%
Selling, general and administrative	769	778	825	-1.2%
Operating income	319	357	283	-10.5%
Operating margin	12.2%	13.6%	11.4%
Interest expense	40.4	34.9	38.9	+15.7%
Pre-tax income	272	319	245	-14.8%
Income tax	40.9	73.6	49.2	-44.5%
Effective tax rate	15.0%	23.1%	20.1%
Net income	231	245	195	-5.9%
Net margin	8.9%	9.3%	7.9%
Diluted EPS	$4.06	$4.31	$3.31	-5.8%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	357	83.6	284	+326.6%
Capital expenditure	27.4	18.4	10.6	+48.9%
Free cash flow	329	65.2	273	+404.8%
Free cash flow margin	12.6%	2.5%	11.0%
Cash from investing	-39.1	-30.1	-39.4
Cash from financing	-156	-171	-304
Depreciation and amortisation	38.0	37.1	36.6	+2.5%
Share-based compensation	16.7	21.9	38.5	-23.6%
Buybacks	30.1	62.5	75.5	-51.8%
Dividends paid	109	104	95.1	+4.7%
Dividend per share	$1.94	$1.86	$1.66	+4.3%
Diluted shares, weighted	57m	57m	59m	-0.1%
Shares outstanding at period end	56m	56m	56m	+0.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	372	251	148	+48.3%
Short-term borrowings	0.0	n/a	0.2
Debt	784	800	791	-2.0%
Operating lease liabilities	36.8	31.5	33.0	+16.7%
Other liabilities	453	500	560	-9.4%
Total liabilities and equity	1,645	1,582	1,533	+4.0%
Fixed assets	112	104	105	+7.3%
Goodwill	210	210	212	+0.1%
Intangible assets	12.5	13.4	14.6	-6.5%
Cash and equivalents	215	59.2	185	+263.4%
Receivables	218	226	290	-3.6%
Inventory	500	597	363	-16.2%
Other assets	378	373	363	+1.3%
Total assets	1,645	1,582	1,533	+4.0%

10-K for the year ended 30 December 2023, filed 28 February 2024: the filing.