Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

v3.20.1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
12 Months Ended
Dec. 28, 2019
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
(In thousands, except per share amounts)
First
Quarter
(1)
 
Second
Quarter
(2)
 
Third
Quarter
(3)
 
Fourth
Quarter
(4)
 
Full
Year
(5)
 
Year Ended December 2019
 
 
 
 
 
 
 
 
 
 
Net revenues
$
648,344

 
$
609,746

 
$
638,138

 
$
652,611

 
$
2,548,839

 
Operating income
25,195

 
53,520

 
31,028

 
58,547

 
168,290

 
Net income
$
15,413

 
$
37,986

 
$
14,502

 
$
28,753

 
$
96,654

 
Earnings per common share (5)
 
 
 
 
 
 
 
 
 
 
Basic
$
0.27

 
$
0.67

 
$
0.26

 
$
0.51

 
$
1.71

 
Diluted
0.27

 
0.67

 
0.25

 
0.50

 
1.69

 
Dividends per common share
$

 
$

 
$
0.56

 
$
0.56

 
$
1.12

 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share amounts)
First
Quarter
(1)
 
Second
Quarter
(2)
 
Third
Quarter
(3)
 
Fourth
Quarter
(4)
 
Full
Year
(5)
 
Year Ended December 2018
 
 
 
 
 
 
 
 
 
 
Net revenues
$
669,663

 
$
663,856

 
$
704,246

 
$
726,233

 
$
2,763,998

 
Operating income
92,408

 
75,734

 
95,284

 
69,616

 
333,042

 
Net income
$
79,696

 
$
60,458

 
$
71,018

 
$
51,902

 
$
263,073

 
Earnings per common share (5)
 
 
 
 
 
 
 
 
 
 
Basic
$
1.41

 
$
1.07

 
$
1.25

 
$
0.92

 
$
4.64

 
Diluted
1.41

 
1.07

 
1.25

 
0.92

 
4.64

 
Dividends per common share
$

 
$

 
$

 
$

 
$

 

(1) During the first quarter of 2019, the Company recorded costs of $36.6 million ($33.4 million after-tax) related to cost optimization of business activities under restructuring programs (consisting primarily of severance and employee-related benefits) and the Separation and establishment of Kontoor as a standalone public company ("Separation costs"). During the first quarter of 2018, the Company recorded restructuring and Separation costs of $1.9 million ($1.5 million after-tax).
(2) During the second quarter of 2019, the Company recorded restructuring and Separation costs of $12.8 million ($10.1 million after-tax). During the second quarter of 2018, the Company recorded restructuring and Separation costs of $2.0 million ($1.7 million after-tax).
(3) During the third quarter of 2019, the Company recorded restructuring and Separation costs of $19.4 million ($14.9 million after-tax) and a non-cash impairment of intangible asset of $32.6 million ($25.2 million after-tax) related to the Rock & Republic® trademark intangible asset. During the third quarter of 2018, the Company recorded restructuring and Separation costs of $1.2 million ($0.1 million after-tax).
(4) During the fourth quarter of 2019, the Company recorded restructuring and Separation costs of $14.4 million ($11.0 million after-tax) and additional expenses related to actions taken to exit certain points of distribution in India of $12.3 million ($10.2 million after-tax). During the fourth quarter of 2018, the Company recorded restructuring and Separation costs of $23.4 million ($18.4 million after-tax).
(5) Per share and full year amounts are computed independently for each quarter presented using unrounded numbers. The sum of the quarterly amounts may not equal the full year amount due to the changes in average quarterly shares outstanding and rounding.