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Levi Strauss and Co. (NYSE:LEVI) shares are moving lower Thursday after the company announced mixed quarterly financial results and issued soft 2024 fiscal-year EPS guidance.
What Happened: On Wednesday after the market closed, Levi announced 2024 fiscal-year second quarter financial earnings. The company reported adjusted EPS of 16 cents, beating analyst estimates of 11 cents and sales of $1.44 billion missing analyst estimates of $1.45 billion.
“We are pleased to have delivered earnings that significantly exceeded expectations for a second consecutive quarter. The structural economics of our business continue to strengthen driven by record gross margins resulting in improved profitability across both DTC and wholesale and lower than expected inventory,” said Harmit Singh, chief financial and growth officer of Levi.
In addition, Levi raised quarterly dividends from 12 cents to 13 cents per share.
As for guidance, the clothing company sees 2024 fiscal-year EPS between $1.17 and $1.27 versus analyst estimates of $1.27. In addition, the company expects revenue to be up 1% to 3% year-over-year.
Analyst Changes: Following the release of second quarter earnings, several analysts issued price target adjustments.
Related Link: What’s Going On With Chinese E-Commerce Stocks Alibaba, PDD And More On Thursday?
LEVI Price Action: Levi stock is trading 16% lower at $19.42 at the time of writing per data from Benzinga Pro.
Image: Photo via Wikimedia Commons
Posted In: LEVI
