Levi Strauss on Thursday drastically revised its profit outlook for the year following a significant decline in wholesale revenues and weak sales in the U.S., its largest market.
However, the apparel retailer did experience positive results in its direct-to-consumer sales and China market.
Shares declined by over 6% during after-hours trading.
Here’s a breakdown of the company’s performance in the fiscal second quarter compared to analysts’ expectations, based on a survey by Refinitiv:
Earnings per share: 4 cents (adjusted), compared to the expected 3 centsRevenue: $1.34 billion, matching the expected $1.34 billion
For the three-month period ending on May 28, the company reported a net loss of $1.6 million, or 0 cents per share, compared to a net income of $49.7 million, or 12 cents per share, in the same period last year. Levi reported adjusted earnings of 4 cents per share during the quarter.
Sales declined to $1.34 billion, a 9% decrease from $1.47 billion in the previous year.
At the halfway point of its fiscal year, Levi made significant cuts to its…
2023-07-06 16:28:08
Source from www.cnbc.com
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