Levi Strauss & Co. LEVI shares are trading lower on Friday after the company reported a second quarter margin decline and issued soft 2023 EPS guidance.
The Details:
Levi Strauss & Co. reported:
- Net revenues of $1.3 billion, a decrease of 9%
- Wholesale net revenues decreased by 22%.
- In the Americas, net revenues decreased 22%.
- In Europe, net revenues decreased 2%, excluding Russia where net revenues increased 1%.
- In Asia, net revenues increased 27% on a constant-currency basis, reflecting strong growth in China.
- Adjusted diluted EPS is now projected between $1.10 to $1.20 versus $1.30 to $1.40 previously.
"Our strong Q2 DTC and international results in a challenging environment demonstrate the resilience of our business model and the health of the Levi's® brand globally," said Chip Bergh, president and CEO of Levi Strauss.
According to data from Benzinga Pro, LEVI is moving lower on high volume with over 8.8 million shares traded on Friday compared to the 100-day average of 2.5 million shares.
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LEVI Price Action: According to Benzinga Pro, Levi Strauss shares are trading 7.66% lower at $13.14 at the time of publication.
Image: jarmoluk from Pixabay
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