Levi Strauss Q1 revenue up 6% to $1.7B, but EPS falls to $0.29 from $0.48; reaffirms FY guidance

LEVI STRAUSS & CO

2023-Q1 EPS reported $0.29 revenue$1,688,900,000

Net revenues $1.7B, up 6% reported (9% constant currency); DTC up 12%, wholesale up 2%.
Diluted EPS $0.29 (adjusted $0.34) vs $0.48 last year; net income $115M vs $196M, down 41%.
Gross margin 55.8%, down 360 bps from 59.4% due to lower full-price sales and higher product costs.
Inventories up 33% YoY but improved 25 points sequentially; dividend raised 20% to $0.12/share.
Company reaffirms FY2023 revenue and EPS guidance despite cautious macro outlook.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LEVI STRAUSS & CO reported the first quarter ended February 26, 2023 results: revenue $1.7 billion, net income $115 million, EPS $0.29. Guidance reaffirmed.

Period: the first quarter ended February 26, 2023
Revenue: $1.7 billion
Net income: $115 million
EPS: $0.29
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Financial Highlights for the First-Quarter • Reported net revenues of $1.7 billion increased 6%, and 9% on a constant-currency basis versus Q1 2022, reflecting strong growth in the Direct-to-Consumer (DTC) channel, up 12%. Total DTC comprised 42% of first quarter net revenues. Net revenues related to the shift in wholesale shipments from Q2 to Q1 primarily due to the U.S. ERP implementation benefited Q1 by approximately $100 million or 6% of net revenues. • Gross margin was 55.8%; Adjusted gross margin was 55.8%, 360 basis points below the record level of 59.4% in Q1 2022 • Operating margin was 9.3% ; Adjusted EBIT margin was 11.0% , down from 14.9% in Q1 2022 • Net income was $115 million; Adjusted net income was $135 million , compared to $189 million in Q1 2022 • Diluted EPS was $0.29; Adjusted diluted EPS was $0.34, including an adverse currency exchange impact of $0.01 • Total inventories increased 33% on a dollar basis over prior year, representing 25 points of sequential improve

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Source: SEC EDGAR

accession 0000094845-23-000026

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