Shares of Levi Strauss & Co. (LEVI) were down around 12 percent in the extended trading on Wednesday on the NYSE, and is currently losing more than 14 percent in the pre-market activity after the maker of Levi's brand of denim jeans confirmed its earnings outlook for fiscal 2024, in line or below market estimates. This was despite reporting a profit in its second quarter, compared to last year's loss.
For fiscal 2024, Levi Strauss expects adjusted earnings per share to be between $1.17 and $1.27. The company still expects reported net revenues to be up 1 percent to 3 percent year-over-year.
Analysts on average expect the company to report earnings of $1.27 per share on revenues of $6.35 billion, an year-over-year growth of 2.80 percent, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
In its second quarter, net income was $18 million, compared to a net loss of $2 million a year ago. Earnings per share was $0.04, compared to loss per share of $0.00 last year.
Adjusted net income was $66 million or $0.16 per share, compared to $15 million or $0.04 per share in the prior year.
Net revenues of $1.44 billion were 8 percent higher on a reported basis from last year's $1.34 billion. Revenues were 9 percent higher on a constant-currency.
The Street was looking for earnings of $0.11 per share on revenues of $1.45 billion for the quarter.
Levi Strauss shares closed Wednesday's regular trading at $23.12, up 0.52 percent. In the extended trading, the shares fell 12.20 percent. In the pre-market activity, the shares are currently trading at $19.80, down 14.36 percent.
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