Levi Strauss Tanks 12% After-Hours, Misses Sales Expectations

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Levi Strauss Tanks 12% After-Hours, Misses Sales Expectations

Investing.com06-27

Jeans manufacturer Levi Strauss&Co (NYSE:LEVI) reported a slight miss in its fiscal second-quarter revenue, causing the company's shares to shed 12.4% after-hours.However, the firm exceeded earnings ...

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However, this sales boost is measured against an easier comparison due to a shift in wholesale shipments from its fiscal second quarter into its fiscal first quarter in the previous year.Levi's CFO, Harmit Singh, attributed the sales miss to unfavorable foreign exchange conditions and sluggish sales at Docker’s, a khaki and chinos brand.Nearly half of Levi’s sales are now coming from its own","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"李维斯盘后股价下跌12%，未达到销售预期","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"Jeans manufacturer Levi Strauss&Co (NYSE:LEVI) reported a slight miss in its fiscal second-quarter revenue, causing the company's shares to shed 12.4% after-hours.However, the firm exceeded earnings expectations and announced an 8% dividend increase to 13 cents per share, marking the first rise in six quarters.The company's quarterly results showed adjusted earnings per share at 16 cents versus the expected 11 cents, while revenue fell slightly short at $1.44 billion against the anticipated $1.45 billion.Sales saw an approximately 8% increase from $1.34 billion a year earlier to $1.44 billion. However, this sales boost is measured against an easier comparison due to a shift in wholesale shipments from its fiscal second quarter into its fiscal first quarter in the previous year.Levi's CFO, Harmit Singh, attributed the sales miss to unfavorable foreign exchange conditions and sluggish sales at Docker’s, a khaki and chinos brand.Despite the strong earnings beat, Levi's only reiterated its full-year guidance, which aligns with estimates. The company continues to project full-year earnings per share to be between $1.17 and $1.27. This includes a 5 cent hit arising from the company's new distribution and logistics strategy.Nearly half of Levi’s sales are now coming from its own website and stores. The company's direct-to-consumer sales jumped 8% during the quarter, representing 47% of overall sales. 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