Kontoor brands, inc. announces unaudited consolidated earnings results for the third quarter and nine months ended september 28, 2019; provides earnings guidance for the second half and fiscal year ending december 28, 2019; provides revenue guidance for the years 2020 and 2021; announces impairment charges for the third quarter ended september 28, 2019

Kontoor brands, inc. announced unaudited consolidated earnings results for the third quarter and nine months ended september 28, 2019. for the quarter, the company reported net revenues of $638,138,000 compared to $704,246,000 a year ago. operating income was $31,028,000 compared to $95,284,000 a year ago. net income was $14,502,000 compared to $71,018,000 a year ago. basic earnings per share were $0.26 compared to $1.25 a year ago. diluted earnings per share were $0.25 compared to $1.25 a year ago.for the nine months, the company reported net revenues of $1,896,228,000 compared to $2,037,765,000 a year ago. operating income was $109,743,000 compared to $263,426,000 a year ago. net income was $67,901,000 compared to $211,172,000 a year ago. basic earnings per share were $1.2 compared to $3.73 a year ago. diluted earnings per share were $1.19 compared to $3.73 a year ago.the company provided earnings guidance for the second half and fiscal year ending december 28, 2019. revenue is still expected to exceed $2.5 billion, reflecting a mid-single digit decline compared with full-year 2018 adjusted revenue. excluding the negative impact of foreign currency exchange rates, impacts of a prior year u.s. retailer bankruptcy and strategic business exits, full-year 2019 revenue is expected to be relatively consistent with full-year 2018 adjusted revenue.the company continues to expect second half revenue to improve relative to the first half of 2019, with the fourth quarter benefiting the most from strategic actions and the fourth quarter 2018 customer bankruptcy comparison.for the years 2020 and 2021, revenue is expected to increase at a low-single digit compound annual growth rate (cagr) over the period.the company announced impairment charges for the third quarter ended september 28, 2019. for the quarter, the company reported non-cash impairment of intangible asset of $32,636,000.
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