Kontoor Brands' stock surged 5.42% in pre-market trading following the release of its stronger-than-expected first quarter financial results and an upward revision to its full-year outlook.

The apparel company reported fiscal first-quarter adjusted earnings of $1.55 per diluted share, significantly surpassing the FactSet consensus estimate of $1.14. Revenue for the quarter reached $613.3 million, marking a substantial increase from the previous year. The company also announced a planned divestiture of its Lee brand.

In a move that further bolstered investor sentiment, Kontoor Brands raised its full-year adjusted EPS guidance to a range of $6.60 to $6.70, up from its previous forecast of $6.40 to $6.50 and above analyst expectations of $6.38. Concurrently, the company's board authorized a new $750 million share repurchase program, replacing its existing authorization.