Levi Strauss & Co. LEVI shares fell in Tuesday's after-hours session after reporting a second-quarter earnings miss.
Second-quarter earnings came in at 7 cents per share, missing estimates by 6 cents. Sales came in at $1.31 billion, beating estimates by $10 million.
"Our second quarter and first half results reflect the continued strength of our diversified business model as we delivered broad-based growth across all brands, regions and key product categories despite a challenging retail and macroeconomic environment," said CEO Chip Bergh. "For both periods, the Levi's brand grew in all three regions across men's, women's, tops and bottoms and maintained its position at the center of culture through iconic products and consumer experiences."
Highlights
- Revenues up 5%
- Net income decreased 63%
- Adjusted EBIT down 4%
Levi Strauss shares were down 5.5% to $22.35 at time of publication. The stock closed at $23.66 per share.
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