Levi Strauss & Co (NYSE:LEVI) announced better-than-expected earnings for its fiscal second quarter, but missed revenue expectations.
Levi Strauss (LEVI) posts earnings beat during second-quarter fiscal 2024. Revenues rise 9% year over year on a constant-currency basis.
The jeans maker reported second-quarter adjusted earnings of 16 cents per share, while Wall Street expected 11 cents.
Iconic jeans-maker Levi's reported second-quarter results late Wednesday
Levi Strauss & Co. (NYSE:LEVI ) Q2 2024 Earnings Conference Call June 26, 2024 5:00 PM ET Company Participants Aida Orphan - VP, IR Michelle Gass - President and CEO Harmit Singh - Chief Financial and Growth Officer Conference Call Participants Laurent Vasilescu - BNP Paribas Robert Drbul - Guggenheim Securities Matthew Boss - JPMorgan Ike Boruchow - Wells Fargo Dana Telsey - Telsey Advisory Group Christopher Nardone - Bank of America Paul Lejuez - Citi Operator Good day, ladies and gentlemen, and welcome to the Levi Strauss & Company's Second Quarter Fiscal 2024 Earnings Conference Call for the period ending May 26, 2024. All parties will be in a listen-only mode until the question-and-answer session, at which time instructions will follow.
Although the revenue and EPS for Levi Strauss (LEVI) give a sense of how its business performed in the quarter ended May 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
After finishing mostly in the green today, late trading has gotten harsh for MU and LEVI.
In a Wednesday interview with CNBC's Jim Cramer, Levi Strauss CEO Michelle Gass said the popularity of "top to bottom" denim outfits is growing. "Our new focus is, yes, continuing to own jeans, but taking that denim top to bottom," she said.
Levi Strauss & Co. is seeing its digital channels drive direct-to-consumer (D2C) growth, with eCommerce customers proving willing to pay full price and to spring for premium products.
Levi Strauss (LEVI) came out with quarterly earnings of $0.16 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.04 per share a year ago.
Levi Strauss & Co. stuck with its full-year sales outlook, helped by demand for new denim and women's clothing, but the jeans maker's quarterly sales just missed expectations, and it said it expected higher costs from marketing and a change in how it plans to store and ship clothing.
Levi Strauss narrowly missed Wall Street's sales expectations as it handily beat earnings estimates. The sales miss comes as denim surges in popularity.