Kontoor Brands, Inc.

Kontoor Brands, Inc. announced that S. Denise Sumner will retire as Vice President and Chief Accounting Officer, effective August 28, 2026. Following her retirement, Ms. Sumner will serve in an advisory capacity until January 1, 2027. Andrew Taylor, currently the Controller of Accounting and Reporting, will succeed Ms. Sumner as Vice President and Chief Accounting Officer on August 28, 2026.

Kontoor Brands, Inc. has signed a definitive agreement to sell its Lee® business to ABG-Storm LLC, an affiliate of Authentic Brands Group, for up to $1 billion. The transaction includes an initial cash payment of $750 million at closing, with an additional $250 million earnout opportunity based on Lee's performance over a five-year period. The company plans to use the proceeds to accelerate debt reduction and return capital to shareholders through share repurchases, aiming to sharpen its brand portfolio and focus on higher-growth brands like Wrangler and Helly Hansen. The deal, unanimously approved by Kontoor's Board, is expected to close in the second half of 2026, subject to regulatory approvals.

Kontoor Brands reported strong financial results for Q1 FY26, with net income more than doubling to $92.4 million and net revenues increasing to $613.3 million. The company announced a planned divestiture of its global Lee® brand, which has been classified as held-for-sale and discontinued operations. Additionally, Kontoor Brands completed the sale of its Rock & Republic® brand in March 2026 and recognized a $53.7 million receivable for IEEPA tariff refunds, positively impacting cost of goods sold.

Kontoor Brands reported stronger first-quarter 2026 results, exceeding expectations, and raised its full-year outlook. The company announced plans to divest its Lee business to sharpen strategic focus on growth assets and enhance capital allocation. Concurrently, the Board authorized a new $750 million share repurchase program, replacing the existing one, reflecting confidence in the business and commitment to shareholder returns.

Kontoor Brands, Inc. filed its Amended and Restated Bylaws, effective April 23, 2026. These updated bylaws outline the procedures for shareholder meetings, including provisions for remote communication, annual and special meeting protocols, notice requirements, and quorum definitions. Notably, special shareholder meetings can only be called by the Chairman, CEO, or the Board of Directors. This update clarifies the company's internal governance framework regarding shareholder participation and corporate actions.