Kontoor brands reports q1 adjusted earnings per share $0.27

Kontoor brands reports first quarter 2020 results; announces actions to further strengthen financial flexibility.q1 adjusted earnings per share $0.27.q1 gaap loss per share $0.05.q1 revenue $504 million versus refinitiv ibes estimate of $515 million.q1 earnings per share estimate $0.25 -- refinitiv ibes data.q1 2020 wholesale revenue declined due to customer door closures, digital sales increased 10 percent.temporary suspension of dividend in conjunction with credit facility amendment.significant new distribution and program gains expected for second half 2020.kontoor brands - through february, results were in line with expectations, but as quarter progressed, impacts from covid-19 became more pronounced.outside of asia, co's offices are essentially closed, with most associates successfully working remotely.co's distribution centers around world continue to operate and fulfill wholesale and dtc orders.all owned and partnership brick and mortar retail stores in china have re-opened.owned retail stores in north america and europe remain closed.finished q1 with $479 million in cash and cash equivalents.to date, has not experienced significant service disruptions to customers.kontoor brands - over past sixty days, drew down $475 million from revolving credit facility prior to amendment.finished q1 with $479 million in cash and cash equivalents.announced temporary salary reductions for senior management and other key leaders.
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