Levi Strauss said it promoted Harmit Singh to chief financial and growth officer, effective immediately.

"We exited the holiday with continued momentum in our direct-to-consumer business and improving trends in Europe. Coupled with the strength of our brands and diverse portfolio, we are confident in our outlook for 2023 and our long-term growth targets," Singh said.

Levi Strauss expects full-year 2023 revenue to be in the range of $6.3 billion to $6.4 billion versus average estimates of $6.29 billion. The apparel company sees full-year adjusted earnings between $1.30 and $1.40 per share versus estimates of $1.34 per share.

Total inventories increased 58% on a dollar basis compared to the prior year. Levi Strauss ended the quarter with $430 million in cash and equivalents. 

The company said it plans to share additional details during its investor conference call this evening.

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LEVI Price Action: Levi Strauss shares are up 7.08% in after hours at $17.69 at the time of writing, according to Benzinga Pro.

Photo: manusama from Pixabay.