Levi Strauss shares fell Friday as analysts said the jeans maker's reduced outlook brought it in line with weak consumer spending reported by others earlier...
Levi Strauss & Co. shares fell Friday as analysts said the jeans maker’s reduced outlook brought it in line with weak consumer spending reported by others earlier in the year and didn’t change the company’s long-term growth prospects.
Levi LEVI shares fell as much as 9% to an intraday low of $12.96, while the S&P 500 SPX was up less than 1%. For the year, Levi shares are down just more than 15%, while the S&P 500 is up a little more than 15%. Sole said it was important to remember that Levi’s last provided an outlook on April 6, “before the industry fully realized how much the U.S. consumer spending environment was going to slow,” and that the current one “reflects changes that happened in April and May” that “have already been discussed by other softline companies that reported in mid-to-late May.”
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