Key TakeawaysLevi Strauss & Co. shares jumped more than 8% in extended trading Wednesday after the company surpassed analysts' quarterly expectations and raised its earnings guidance.Sales in the company's direct-to-consumer business grew 7% in the latest quarter and made up nearly half of the apparel maker's total revenue.A volume-backed breakout in Levi Strauss & Co shares above resistance around $20.20 would indicate underlying momentum behind the current uptrend. Shares in Levi Strauss & Co. (LEVI) jump ...

For the quarter ended February 2024, Levi Strauss (LEVI) reported revenue of $1.56 billion, down 7.8% over the same period last year. EPS came in at $0.26, compared to $0.34 in the year-ago quarter.The reported revenue represents a surprise of +1.47% over the Zacks Consensus Estimate of $1.54 billion. With the consensus EPS estimate being $0.21, the EPS surprise was +23.81%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

Levi Strauss (LEVI) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.81%. A quarter ago, it was expected that this jeans maker would post earnings of $0.42 per share when it actually produced earnings of $0.44, delivering a surprise of 4.76%.Over the last four quarters, the company ...

Levi’s is seeing its direct-to-consumer (D2C) business gain share, with transformations to shoppers’ digital journeys yielding strong eCommerce growth.The apparel company announced Wednesday (April 3) in its first quarter fiscal 2024 financial results that overall net revenue fell 8% year over year, dropping by 11% in the Americas. Yet the D2C business yielded a 10% rise in the U.S., with eCommerce revenue rising 13% across the business. In fact, D2C channels brought in their highest-yet 48% of all net reve ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Levi Strauss, which has long relied on wholesalers like Macy's and Kohl's to drive its business, is now doing nearly half of its sales through its own website and stores, the company said Wednesday when reporting fiscal first quarter earnings. In the three months ended Feb. 25, direct-to-consumer sales made up a record 48% of overall sales at Levi's, up from 42% in the year-ago period and 25% higher on a two-year basis, the retailer said. The shift is a boon for Levi's profits. But it raises questions about ...

OF $0.26 Exhibit 99.1 FOR IMMEDIATE RELEASE Investor Contact: Aida Orphan Media Contact: Elizabeth Owen Levi Strauss & Co. Levi Strauss & Co. (415) 501-6194 (415) 501-7777 Investor-Relations@levi.com NewsMediaRequests@levi.com LEVI STRAUSS & CO. REPORTS FIRST-QUARTER 2024 FINANCIAL RESULTS Q1 EARNINGS RESULTS ABOVE EXPECTATIONS GROSS MARGIN OF 58.2% UP 240 BPS OVER PRIOR YEAR DRIVEN BY LOWER PRODUCT COSTS & FAVORABLE MIX SHIFT GLOBAL DTC UP 7% INCLUDING 10% GROWTH IN THE U.S. DILUTED LOSS PER SHARE OF $(0.0 ...

PART I — FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The company reported a **$10.6 million net loss** for Q1 2024, driven by **$116.2 million** in restructuring charges, with improved operating cash flow [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$5.96 billion** as of February 25, 2024, driven by lower inventories, while cash increased and stockholders' equity declined Consolidated Balance Sheet Highlights (in millions) | Account | Feb 25, 2024 | Nov 26, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $516.7 | $398.8 | | Inventories | $1,150.4 | $1,290.1 | | **Total Assets** | **$5,961.5** | **$6,053.6** | | Long-term debt | $1,006.0 | $1,009.4 | | **Total Liabilities** | **$3,985.4** | **$4,007.2** | | **Total Stockholders' Equity** | **$1,976.1** | **$2,046.4** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a **$10.6 million net loss** for Q1 2024, driven by an **8% revenue decline** to **$1.56 billion** and **$116.2 million** in restructuring charges Statement of Operations Summary (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net revenues | $1,557.6 | $1,688.9 | | Gross profit | $906.5 | $942.3 | | Restructuring charges, net | $116.2 | $11.4 | | Operating (loss) income | $(0.4) | $157.4 | | Net (loss) income | $(10.6) | $114.7 | | Diluted (loss) earnings per share | $(0.03) | $0.29 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly improved to **$286.0 million** in Q1 2024, resulting in an ending cash balance of **$516.7 million** Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by (used for) operating activities | $286.0 | $(160.8) | | Net cash used for investing activities | $(71.7) | $(19.1) | | Net cash (used for) provided by financing activities | $(94.5) | $77.8 | | **Net increase (decrease) in cash** | **$117.9** | **$(107.8)** | | **Ending cash and cash equivalents** | **$516.7** | **$321.8** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes detail **'Project Fuel' restructuring charges** of **$116.2 million**, with **DTC revenue growth** offsetting wholesale decline, and **$24.9 million** in share repurchases - The company initiated a multi-year global productivity initiative, 'Project Fuel', resulting in **$116.2 million** in restructuring charges for Q1 2024, primarily for severance. An additional **$10.1 million** in related consulting fees and a **$5.5 million goodwill impairment** for the footwear business were also recognized[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) Net Revenues by Segment and Channel (Q1 2024 vs Q1 2023, in millions) | Segment/Channel | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **By Segment** | | | | Americas | $735.8 | $823.0 | | Europe | $423.5 | $455.1 | | Asia | $288.8 | $289.5 | | Other Brands | $109.5 | $121.3 | | **By Channel** | | | | Wholesale | $803.5 | $984.9 | | Direct-to-consumer | $754.1 | $704.0 | | **Total Net Revenues** | **$1,557.6** | **$1,688.9** | - During Q1 2024, the company repurchased **1.5 million shares** of its Class A common stock for **$24.9 million** at an average price of **$17.15 per share**[39](index=39&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **7.8% revenue decline** to U.S. wholesale, offset by **DTC growth**, resulting in an operating loss due to **$116.2 million** in restructuring charges, with improved gross margin [Overview and Key Factors](index=23&type=section&id=Overview%20and%20Key%20Factors) The company navigates a challenging retail environment with inflation and supply chain disruptions, focusing on **'Project Fuel'** and **DTC/e-commerce investment** - The company launched **'Project Fuel'**, a multi-year global productivity initiative, in Q1 2024 to optimize its operating model and fuel long-term growth. The first phase resulted in **$116.2 million** in restructuring charges[109](index=109&type=chunk)[110](index=110&type=chunk) - Key business challenges include **inflation** impacting consumer demand and costs, **supply chain disruptions** in the Red Sea affecting transit times, and increased competition in e-commerce[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The **Direct-to-Consumer (DTC) channel** grew to **48% of net revenues** in Q1 2024, up from **42%** in Q1 2023, reflecting the company's strategic shift[105](index=105&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q1 2024 net revenues fell **7.8%** to **$1.56 billion** due to wholesale decline, offset by **DTC growth**, with gross margin expanding despite **$116.2 million** in restructuring charges leading to an operating loss Net Revenue Change by Segment & Channel (Constant Currency) | Segment/Channel | YoY % Change (Constant Currency) | | :--- | :--- | | **Americas** | -11.4% | | **Europe** | -8.0% | | **Asia** | +5.0% | | **Wholesale** | -18.7% | | **DTC** | +7.8% | | **Total Net Revenues** | **-7.7%** | - The decline in wholesale revenue was significantly impacted by prior year's accelerated shipments of approximately **$100 million** in advance of the U.S. ERP implementation[132](index=132&type=chunk) - Gross margin increased to **58.2%** from **55.8%** in Q1 2023, primarily due to lower product costs and a favorable channel mix. Currency exchange had an unfavorable impact of approximately **70 basis points**[135](index=135&type=chunk)[136](index=136&type=chunk) - Operating income was negatively impacted by **$116.2 million** in restructuring charges related to Project Fuel and a **$5.5 million goodwill impairment charge** for the footwear business[142](index=142&type=chunk)[140](index=140&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong **$1.5 billion liquidity position**, with **$516.7 million in cash** and improved operating cash flow, allocating capital to reinvestment, dividends, and share repurchases - Total liquidity position as of February 25, 2024, was approximately **$1.5 billion**, consisting of **$516.7 million** in cash and cash equivalents and **$933.7 million** in unused availability under the credit facility[158](index=158&type=chunk) - Capital deployment in Q1 2024 included **$24.9 million** for share repurchases and **$47.9 million** for dividend payments[160](index=160&type=chunk)[164](index=164&type=chunk) - Total debt stood at **$1.0 billion** as of February 25, 2024, with no required principal payments on long-term debt until 2027[165](index=165&type=chunk) [Non-GAAP Financial Measures](index=36&type=section&id=Non-GAAP%20Financial%20Measures) The company presents non-GAAP measures, with **Adjusted EBIT at $140.7 million** and **Adjusted diluted EPS at $0.26** for Q1 2024, excluding restructuring and impairment charges Reconciliation of Net (Loss) Income to Adjusted EBIT (in millions) | Description | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net (loss) income** | **$(10.6)** | **$114.7** | | Income tax, Interest, Other expense | $10.2 | $42.7 | | Restructuring & related charges | $131.6 | $11.9 | | Impairment & other charges | $9.5 | $16.0 | | **Adjusted EBIT** | **$140.7** | **$185.3** | GAAP vs. Non-GAAP EPS | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Diluted (loss) earnings per share (GAAP) | $(0.03) | $0.29 | | Adjusted diluted earnings per share (Non-GAAP) | $0.26 | $0.34 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes have occurred in the company's primary market risk exposures or their management since the 2023 Annual Report on Form 10-K disclosures - There have been no material changes in the company's primary market risk exposures from the information disclosed in the 2023 Annual Report on Form 10-K[231](index=231&type=chunk) [Item 4. Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of February 25, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of February 25, 2024, the company's disclosure controls and procedures were effective[232](index=232&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[233](index=233&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings but does not expect any material impact on its financial condition, results of operations, or cash flows - The company does not expect any pending claims, complaints, or legal proceedings to have a material impact on its financial condition, results of operations, or cash flows[235](index=235&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been made to the company's previously reported risk factors from its 2023 Annual Report on Form 10-K - No material changes have been made to the company's previously reported Risk Factors from its 2023 Annual Report on Form 10-K[236](index=236&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales, repurchasing **1.5 million shares** for **$24.9 million** under its program, with **$655.5 million** remaining available Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | Jan 29, 2024 - Feb 25, 2024 | 1,451,753 | $17.15 | $655,531,315 | [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) Director David Friedman and CFO Harmit Singh adopted Rule 10b5-1 trading arrangements for potential company stock sales during the quarter - Director David Friedman adopted a Rule 10b5-1 trading plan on January 29, 2024, for up to **200,000 shares** of Class A Common Stock[247](index=247&type=chunk) - Chief Financial and Growth Officer Harmit Singh adopted a Rule 10b5-1 trading plan on February 6, 2024, for up to **629,000 shares** of Class A Common Stock[247](index=247&type=chunk)

The latest trading session saw Levi Strauss (LEVI) ending at $18.28, denoting a +0.49% adjustment from its last day's close. This change lagged the S&P 500's 0.63% gain on the day. Meanwhile, the Dow gained 0.2%, and the Nasdaq, a tech-heavy index, added 0.82%.Shares of the jeans maker have appreciated by 1.85% over the course of the past month, underperforming the Retail-Wholesale sector's gain of 2.64% and outperforming the S&P 500's gain of 1.76%.Analysts and investors alike will be keeping a close eye o ...

Levi Strauss (LEVI) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Shares of this jeans maker have returned +2.9% over the past month versus the Zacks S&P 500 composite's +3.4% change. The Zacks Retail - Apparel and Shoes industry, to which Levi Strauss belongs, has gained 6.6% over this period. Now the key question is: Where could the stock be headed in the near term?Although media r ...