GREENSBORO, N.C. (AP) — Kontoor Brands Inc. (KTB) on Thursday reported third-quarter profit of $60.8 million.
The Greensboro, North Carolina-based company said it had net income of $1.05 per share. Earnings, adjusted for restructuring costs, came to $1.33 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The maker of Wrangler and Lee apparel posted revenue of $583.2 million in the period.
Kontoor expects full-year earnings in the range of $2.25 to $2.35 per share.
Kontoor shares have dropped 26% since the beginning of the year. The stock has fallen 21% in the last 12 months.