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Levi Strauss & Co. Lowers Forecast, Beats Earnings Expectations

July 10, 2023
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Levi Strauss & Co. (LEVI) shares declined in after-hours trading on Thursday after the denim company revised its outlook for the year, while still surpassing Wall Street’s earnings estimates by a penny per share.

Share Performance

Levi Strauss shares fell over 5% in after-hours trading, following a 0.8% increase in regular session trading, closing at $14.23.

Revised Forecast

The company now expects a year-over-year revenue growth of 1.5% to 2.5%, compared to its previous forecast of 1.5% to 3% growth. Adjusted earnings are projected to be between $1.10 and $1.20 per share, down from the previous forecast of $1.30 to $1.40 per share.

Assumptions

Levi Strauss stated that their revised outlook assumes no significant worsening of macro-economic pressures on the consumer, inflationary pressures, supply chain disruptions, or currency impacts.

Analyst Expectations

On average, analysts were anticipating earnings of $1.29 per share on revenue of $6.33 billion, indicating a 2.6% increase.

Q2 Performance

The company reported a second-quarter loss of $1.6 million, or break-even per share, compared to a net income of $49.7 million, or 12 cents per share, in the same period last year. Adjusted earnings, which exclude stock-based compensation costs and other items, were 4 cents per share, as opposed to 29 cents per share a year ago. Revenue for the quarter decreased to $1.34 billion from $1.47 billion in the year-ago quarter.

Analysts surveyed by FactSet had projected earnings of 3 cents per share on revenue of $1.6 billion.

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Tags: earnings expectationsfinancial performanceLevi Strauss & Co.Revenue Growth
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