The apparel company earned more than Wall Street expected, but revenue fell short.
Levi Strauss’s third-quarter earnings narrowly exceeded what Wall Street expected, but the stock fell Thursday after the company lowered its financial forecasts.
Levi’s reported adjusted earnings per share of 28 cents, just above analyst projections for 27 cents a share. Sales of $1.51 billion, however, fell slightly short of the consensus call for $1.54 billion among analysts tracked by FactSet. “While we saw sequential improvement in the business across the company as we moved through Q3 with both July and August up versus prior year, given the ongoing uncertainty in the macro environment, we are taking a cautious approach to our outlook for the fourth quarter,” said Harmit Singh, chief financial officer, in a press release.
The company slightly lowered its revenue-growth projections for the full year. Levi’s is now expects revenue to either be flat or to grow by 1% compared with the previous year, below previous forecasts for growth of between 1.5% and 2.5% and under the Street’s expectations of 1.5% growth. Adjusted earnings per share will fall at the low end of its previously issued forecast range of $1.10 to $1.20, the company said.Write to Sabrina Escobar at sabrina.escobar@barrons.
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