Levi Strauss & Co Reports Better-Than-Expected Q1 Results, Raises FY24 Guidance

Levi Strauss & Co. LEVI reported its first-quarter financial results after the bell Wednesday. Here's a look at the highlights. 

The Details: The company reported quarterly earnings of 26 cents per share which beat the analyst consensus estimate of 21 cents by 23.81%.

Quarterly sales came in at $1.558 billion which beat the analyst consensus estimate of $1.547 billion and is a 7.76% decrease over sales of $1.689 billion in the same period last year.

Levi Strauss reported total inventories decreased 14% on a dollar basis as of Feb. 25, and direct-to-consumer net revenues increased 7% on a reported basis.

“We started the year strong delivering results above expectations, underscoring the power of the Levi’s brand and the progress we are making on our strategic priorities. Both newness and strength in our core offerings are fueling consumer demand and driving meaningful market share gains,” said Michelle Gass, president and CEO of Levi Strauss & Co.

Outlook: The company raised its fiscal year 2024 adjusted earnings per share guidance from between $1.15 and $1.25 per share to between $1.17 and $1.27 per share, versus the $1.21 per share estimate.

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LEVI Price Action: According to Benzinga Pro, Levi Strauss & Co shares are up 6.59% after-hours at $19.89 at the time of publication Wednesday.

Photo: Pete Linforth from Pixabay