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Levi Strauss & Co (NYSE:LEVI) shares are trading lower after the company issued FY23 guidance and reported Q1 financial results.
What Happened: On Thursday, Levi Strauss provided guidance for fiscal 2023. The company also released its first-quarter 2023 results for the period that ended Feb. 26, 2023.
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The Details: Levi Strauss reaffirmed its guidance for the fiscal 2023, expecting adjusted diluted EPS in the range of $1.30-$1.40 per share compared to the analyst estimate of $1.34 per share. The company expects yearly net revenues in the range of $6.3-$6.4 billion, reflecting 1.5%-3% growth year-over-year. Levi Strauss also expects a 50 basis point drop in FY 2023 gross margins, driven by higher levels of promotion than previously expected.
Levi Strauss also announced its quarterly results. The company had quarterly earnings of $0.34 per share compared to the analyst consensus estimate of $0.32 per share, representing a positive earnings surprise of 6.25% and a 26.09% decrease from the same period last year. The company reported quarterly sales of $1.69 billion compared to the analyst consensus estimate of $1.62 billion, representing a positive earnings surprise of 4.32%.
Additionally, the company announced an adjusted gross margin of 55.8% in the first quarter, down 360 basis points. This drop can be attributed to cost pressures through increased raw material, freight, and labor expenses.
Levi Strauss & Co. is one of the world's largest brand-name apparel companies and a global leader in jeanswear. The company designs and markets jeans, casual wear and related accessories for men, women and children.
According to data from Benzinga Pro, Levi Strauss shares were down 15.2%, trading at $15.29 at the time of publication. The stock has a 52-week high of $20.49 and a 52-week low of $13.57.
Image Courtesy of Levi Strauss & Co.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.