Kontoor Looks Toward Growth Amid Pandemic

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Kontoor Brands says denim isn’t going out of style.

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It’s the message the North Carolina-based parent of the Wrangler and Lee brands sought to project in its first-quarter 2021 earnings, where it reported revenues of $652 million. That represents a 29 percent increase from the same time last year, when the COVID-19 pandemic began to spread, resulting in some temporary lockdowns in early attempts to curb the spread of the virus.

Baxter also credited the experience of its supply chain team in navigating the ongoing COVID-19 crisis, which has accelerated in parts of the world including India. In the U.S. itself, where vaccination rates are slowing, there are still some 44,510 new reported COVID-19 cases daily and nearly 800 deaths a day from the virus, according to the Johns Hopkins University tracker.

“We continue to execute the strategic playbook we’ve communicated, as structural margin gains support focused investments in demand creation, infrastructure and technologies,” Baxter said in a statement. “As we transition into our next horizon, the stage is set for us to pivot to growth.” On a call with analysts Thursday morning, Baxter articulated the company’s strategy in recent years as aimed at ramping up its U.S. wholesale business, reaching consumers through more channels, expanding internationally with a focus on China and diversifying its product mix. The company’s U.S. business accounts for roughly 75 percent of its overall business.

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