Kontoor Brands Defining the Next Leg of Growth; Management Dinner Takes; OW, Adding to AFL

Research evidence excerpt

Kontoor Brands Defining the Next Leg of Growth; Management Dinner Takes; OW, Adding to AFL

J P M O R G A N North America Equity Research

11 June 2026

Kontoor Brands Overweight

KTB, KTB US

Defining the Next Leg of Growth; Management Dinner Price (10 Jun 26):$75.94

Takes; OW, Adding to AFL Price Target (Dec-27):$90.00

Retailing – Department Stores &

Specialty Softlines

Matthew R. Boss, CPA AC

(1-212) 622-2630

matthew.boss@jpmorgan.com

We hosted Kontor Brands EVP, CFO & Global Head of Operations Joe Alkire, VP, Amanda K. Douglas

Global Head of Finance and Operations, Helly Hansen, Corporate Investor (1-212) 622 0316

amanda.douglas@jpmorgan.com

Relations Erinn Murphy, and Vice President / Global Brand & Operations Finance

Lucas Hudson

and Corporate Investor Relations Michael Karapetian for a dinner in NYC and

(1-212) 622-0273

thought value-add to share our key takeaways & model implications. lucas.hudson@jpmchase.com

Taya Lindner

The key theme from the management dinner was the portfolio foundation is (1-212) 622-9424

now firmly in place to accelerate top-line growth in FY27 across both taya.lindner@jpmorgan.com

Wrangler (to mid-single-digits vs. 3-4% historically) and Helly Hansen (to Brady T Arnette, CFA

double-digits vs. high-singles historically) within an expanding $400B+ (1-212) 622-0046

Denim/Outdoor/Workwear TAM. To that point, management cited multi-year brady.arnette@jpmorgan.com

durability of “early innings” growth accelerators across both Wrangler (Women’s, J.P. Morgan Securities LLC

DTC, Int’l + distribution opportunity post Lee sale) and HH (USA geo white space

+ outdoor & workwear category expansion) driven by highly visible and recurring

Quarterly Forecasts (FYE Dec)

revenue streams with more than 50% of consolidated revenues comprised of

Adj. EPS ($)