secwatch.observer — SEC 8-K summary
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Issuer:     LEVI STRAUSS & CO (LEVI)
CIK:        0000094845
Form:       8-K
Filed at:   2023-10-05T23:59:59+00:00
Accession:  0000094845-23-000053
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Levi Strauss Q3 adj. EPS $0.28 vs $0.40, revenue flat, FY guidance cut to low end of $1.10-$1.20
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- Net revenue $1.5B flat YoY; GAAP EPS $0.02 (down from $0.43) includes $0.17 impairment charge from Beyond Yoga.
- DTC revenue up 14% (constant-currency +13%), wholesale down 8% (-10% constant-currency), DTC now 40% of total.
- Gross margin 55.6% down 130 bps from 56.9%; adjusted SG&A up to $702M vs $675M on DTC expansion.
- Operating margin 2.3% vs 13.1% due to $90.2M impairment and higher SG&A; adjusted EBIT margin 9.1% vs 12.4%.
- Initiating review of operating model and cost structure for material savings starting 2024; FY adj. diluted EPS expected at low end of $1.10-$1.20 range.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/94845/000009484523000053/0000094845-23-000053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/94845/000009484523000053/levi-20231005.htm
  HTML page:      https://secwatch.observer/filing/0000094845-23-000053

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