Levi Earnings: Stock Edges Up Despite 2024 Guidance Hurt by Weak Wholesale Business
Levi Strauss (NYSE: LEVI) stock eked out a 1.3% gain on Friday following the casual clothing retailer's Thursday afternoon release of its results for the fourth quarter of fiscal 2023 (ended Nov. 26).
The quarter's results were pretty much as expected. Revenue fell just slightly short of the Wall Street consensus estimate, but earnings narrowly surpassed it. Fiscal 2024 guidance, however, came in notably lighter than analysts had been projecting, stemming from weakness in the company's wholesale business.
In response, management announced a restructuring plan to cut costs and accelerate the growth of the more profitable direct-to-consumer (DTC) business. The plan's initial phase will include a layoff of 10% to 15% of the company's global corporate workforce.
Source Fool.com
