---
schema_version: "secwatch.filing_event.v1"
accession: "0000094845-23-000026"
form_type: "8-K"
ticker: "LEVI"
cik: "0000094845"
company_name: "LEVI STRAUSS & CO"
filed_at: "2023-04-06T23:59:59+00:00"
generated_at: "2026-06-17T05:35:53.424894+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000094845-23-000026
- form_type: 8-K
- ticker: LEVI
- cik: 0000094845
- company_name: LEVI STRAUSS & CO
- filed_at: 2023-04-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/94845/000009484523000026/0000094845-23-000026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/94845/000009484523000026/levi-20230406.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000094845-23-000026
- JSON: https://secwatch.observer/filing/0000094845-23-000026.json
- Plain text: https://secwatch.observer/filing/0000094845-23-000026.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/94845/000009484523000026/0000094845-23-000026-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.