Levi Strauss Q1 net loss $11M on restructuring charges; adj. EPS $0.26 beats; raises FY EPS guide

LEVI STRAUSS & CO

2024-Q1 EPS reported -$0.03 revenue$1,557,600,000

Net revenues $1.6B, down 8% YoY; gross margin expanded 240 bps to 58.2% on lower product costs and favorable mix.
Diluted loss per share of $(0.03) due to $116M restructuring charges; adjusted diluted EPS of $0.26 vs. $0.34 prior year.
Global DTC net revenues up 7%, with U.S. DTC up 10%; DTC reached record 48% of total revenues.
Reaffirms FY revenue growth of 1-3%, raises adjusted EPS range to $1.17-$1.27 from prior guidance.
Project Fuel restructuring charges primarily severance; adjusted EBIT margin declined 200 bps to 9.0%.

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 0.95

LEVI STRAUSS & CO reported first quarter ended February 25, 2024 results: revenue $1.6 billion, net income Net loss was $11 million, EPS Diluted loss per share was $(0.03). Guidance reaffirmed.

Period: first quarter ended February 25, 2024
Revenue: $1.6 billion
Net income: Net loss was $11 million
EPS: Diluted loss per share was $(0.03)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

to return the topline to mid-single-digit growth in the second half of this year and are increasing our full year EPS expectations.” Financial Highlights • Net Revenues of $1.6 billion were 8% lower on both a reported and constant-currency basis versus Q1 2023 primarily due to the shift in wholesale shipments from Q2 to Q1 2023 from the U.S. ERP implementation.

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Source: SEC EDGAR

accession 0000094845-24-000027

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