Levi Strauss more pessimistic about its growth – 06/10/2023 at 2:37 p.m.


(AOF) – The famous blue jeans brand Levi Strauss reduced its annual revenue target after disappointing in the third quarter. Over this period to the end of August, it generated net profit down 94% to $10 million, or 2 cents per share. Adjusted EPS came to 28 cents, compared to a consensus of 27 cents. Sales remained stable at $1.51 billion, compared to $1.54 billion expected by Wall Street. They fell by 2% at constant exchange rates.

For 2023, the San Francisco-based firm expects revenues to be at worst stable and at best increasing by 1% compared to 1.5% to 2.5% previously.

Earnings per share are expected at the low end of the target range of $1.10 to $1.20. It had been lowered during the previous publication.

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