Levi Strauss hikes profit guidance after tariff refunds, but its sales outlook is less optimistic
Levi Strauss on Wednesday posted earnings that beat expectations, though it saw benefits from tariff refunds.
TL;DR
- Levi Strauss increased its full-year adjusted earnings per share outlook.
- The company lowered its full-year net revenue growth guidance.
- Fiscal third quarter saw a 4% increase in net revenues in the Americas, but a 1% decrease in U.S. revenue.
- Operating margin increased significantly due to tariff refunds, which also benefited earnings per share.
- Direct-to-consumer net revenues increased, but comparable sales were flat.
- Wholesale revenues increased by 6%.
- John Vandemore will become the new chief financial officer, succeeding Harmit Singh.