Shares of apparel company Levi Strauss (NYSE: LEVI) plopped on Friday after the company released financial results for the fiscal third quarter of 2022, ended Aug. 28. Wall Street didn't like the report. And Levi Strauss stock was down 9% as of 1:30 p.m. ET.

In Q3, Levi Strauss generated revenue of $1.5 billion, up 1% year over year. This is about what management expected. Moreover, revenue guidance for the year is relatively unchanged, with management expecting 11.5% to 12% full-year growth compared to previous guidance of 11% to 13%.

Levi Strauss doesn't have a revenue problem as much as it has a profit problem. For 2022, management is guiding for adjusted earnings per share (EPS) of $1.44 to $1.49 compared to previous guidance of $1.50 to $1.56. 

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Source Fool.com