Levi Stock Drops on Lowered Annual Earnings Guidance
Levi Strauss (NYSE: LEVI) stock edged down 1.2% in Thursday's after-hours trading, following the jeanswear and casual clothing retailer's release of results for the third quarter of fiscal 2023 (ended Aug. 27). The stock's decline was probably largely due to management modestly paring back its previously issued full-year earnings guidance. It now expects adjusted earnings per share (EPS) at the low end of its previously guided range of $1.10-$1.20.
Following is an overview of Levi's third quarter, along with its annual outlook, centered on four key metric categories.
Levi's quarterly sales were flat with the year-ago period (and down 2% in constant currency) at $1.51 billion. This result missed the $1.54 billion Wall Street consensus estimate.
Source Fool.com
