Levi Strauss narrows guidance after Q3 sales fall short of estimates; shares fall
Investing.com -- Levi Strauss on Thursday narrowed its guidance after reporting third-quarter revenue that fell short of analysts estimates amid ongoing U.S.-led weakness in its wholesale business,fiscal Q3 EPS of $0.28 on revenue of $1.51 billion. That topped Wall Street forecasts for EPS of $0.27 and revenue of $1.54B.Direct-to-consumer net revenue was up 14%, with Ecommerce increasing 19% for the quarter from a year earlier.
Total inventories increased 6% in Q3 year-on-year, and the company said it continues to expects to achieve inventory levels below prior year levels by year end. Looking ahead to fiscal 2023 , the company narrowed its net revenue growth guidance to a range of flat to up 1% year-over-year from a range of 1.5% to 2.5%, while adjusted EPS was maintained at $1.10 to $1.20.
The company hinted at cost cuts, saying it had commenced a"review its operating model and cost structure that should drive agility and material cost savings beginning in 2024.”We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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