(CercleFinance.com) – Levi Strauss & Co. shares fell nearly 7% on Friday on the New York Stock Exchange the day after the jeans manufacturer lowered its annual forecasts.
The San Francisco (California) group announced last night that it only expects net sales growth of between 1.5% and 2.5% for the current financial year, compared to 1, 5% to 3% previously.
Its adjusted earnings per share (EPS) is now expected between 1.10 and 1.20 dollars, instead of 1.30 to 1.40 dollars so far.
In its second quarter, which ended at the end of May, Levi’s generated net sales down 9% at constant exchange rates, to $1.3 billion, mainly due to a drop in sales in distribution. excluding own stores.
The group suffered a net loss of two million dollars, against a net profit of 50 million dollars a year earlier, in part due to an increase in its advertising expenses linked to the celebration of the 150th anniversary of the Levi’s 501.
Copyright © 2023 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends with the buttons below.
