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Levi Strauss & Co (NYSE:LEVI) reported its second-quarter financial results after market close Wednesday. Here's a look at the key figures from the report.
The Details: Levi Strauss reported quarterly earnings of 16 cents per share which beat the analyst consensus estimate of 11 cents by 45.45% and represents a 300% increase over earnings from the same period last year.
Quarterly sales came in at $1.44 billion, missing the analyst consensus estimate of $1.45 billion by 0.62%.
Levi Strauss reported DTC (Direct-to-Consumer) net revenues increased 8% on a reported basis and 11% on a constant-currency basis. DTC growth reflected a 12% increase in the U.S. and a 7% increase in Europe.
Revenues from e-commerce grew 19% on a reported and constant-currency basis, reflecting double-digit growth across the Levi’s and Beyond Yoga brands. DTC comprised 47% of total net revenues in the second quarter.
The company also raised its quarterly dividend from 12 cents to 13 cents per share.
“We delivered another strong quarter driven by the Levi’s brand’s prominence at the center of culture, a robust pipeline of newness and innovation, and continued momentum in our global direct-to-consumer channel. Our amplified focus on women’s and denim lifestyle is delivering outsized growth and driving meaningful market share gains,” said Michelle Gass, CEO of Levi Strauss & Co.
“Our transformational pivot to operating as a DTC-first company is yielding positive results around the world, giving me great confidence that we will achieve accelerated, profitable growth for the rest of the year and beyond.”
Outlook: Levi Strauss sees fiscal year 2024 earnings per share between $1.17 and $1.27, versus the $1.27 estimate, and revenues up 1% to 3% year-over-year.
LEVI Price Action: According to Benzinga Pro, Levi Strauss shares are down 12.85% after-hours at $20.15 at the time of publication Wednesday.
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Photo: Courtesy of Levi Strauss & Co
Posted In: LEVI
