Levi Strauss & Co LEVI shares are trading higher in Wednesday’s after-hours session after the apparel company turned in fourth-quarter results that topped analyst expectations and issued strong guidance.
What Happened: Levi Strauss said fourth-quarter revenue declined 6% year-over-year to $1.59 billion, which beat average analyst estimates of $1.57 billion, according to Benzinga Pro. The company reported quarterly earnings of 34 cents per share, which beat estimates of 29 cents per share.
Levi Strauss said it promoted Harmit Singh to chief financial and growth officer, effective immediately.
“We exited the holiday with continued momentum in our direct-to-consumer business and improving trends in Europe. Coupled with the strength of our brands and diverse portfolio, we are confident in our outlook for 2023 and our long-term growth targets,” Singh said.
Levi Strauss expects full-year 2023 revenue to be in the range of $6.3 billion to $6.4 billion versus average estimates of $6.29 billion. The apparel company sees full-year adjusted earnings between $1.30 and $1.40 per share versus estimates of $1.34 per share.
Total inventories increased 58% on a dollar basis compared to the prior year. Levi Strauss ended the quarter with $430 million in cash and equivalents.
The company said it plans to share additional details during its investor conference call this evening.
LEVI Price Action: Levi Strauss shares are up 7.08% in after hours at $17.69 at the time of writing, according to Benzinga Pro.
Photo: manusama from Pixabay.