Levi Strauss (LEVI) closed the latest trading day at $17.77, indicating a -0.34% change from the previous session's end. This change lagged the S&P 500's daily gain of 0.57%. Meanwhile, the Dow experienced a drop of 0.14%, and the technology-dominated Nasdaq saw an increase of 1.25%.Coming into today, shares of the jeans maker had gained 9.72% in the past month. In that same time, the Retail-Wholesale sector gained 6.4%, while the S&P 500 gained 5.07%.The investment community will be closely monitoring the ...

Levi Strauss (LEVI) is a Zacks Rank #5 (Strong Sell) that designs, markets, and sells apparel and related accessories for men, women, and children worldwide. Levi's products are sold through chain retailers, department stores, online sites, brand-dedicated retail stores, and shop-in-shops.The company recently reported an earnings beat, which has helped the stock rally about 6% since. However, since earnings analysts have been taking their estimates lower, spelling trouble for the company in the year ahead.A ...

Justin Sullivan Investment action Based on my current outlook and analysis of Levi Strauss & Co. (NYSE:LEVI), I recommend a buy rating. While I agree that the macro conditions are not perfect for LEVI, I really like how the business has executed the DTC transition so far, which has driven margin in the right direction. The management decision to implement a restructuring program today is also something I am in favor of because now is the best time to better position the business for growth since growth oppo ...

Levi Strauss (LEVI 1.27%) stock eked out a 1.3% gain on Friday following the casual clothing retailer's Thursday afternoon release of its results for the fourth quarter of fiscal 2023 (ended Nov. 26).The quarter's results were pretty much as expected. Revenue fell just slightly short of the Wall Street consensus estimate, but earnings narrowly surpassed it. Fiscal 2024 guidance, however, came in notably lighter than analysts had been projecting, stemming from weakness in the company's wholesale business.In ...

With a rough 2023 in the rearview, Levi Strauss & Co. this year is trying to tackle its problems with new pants.That includes pants with lighter-weight denim; pants for women that can be worn as high-rise or low-rise; and even non-denim pants that management, during Levi’s LEVI, +1.27% earnings call on Thursday, referred to as a “tech pant” for men with “moisture control and 360 mobility.” The company also plans to expand its offerings of Performance Cool pants intended to keep the wearer cool and dry on ho ...

Levi Strauss & Co. announced plans to cut up to 15% of its global workforce as it restructures under new leadership.  The cuts are part of the company's global productivity initiative and are expected to take place over the first half of the year under incoming CEO Michelle Gass. The company is trying to rapidly tighten its belt as it contends with macroeconomic challenges and ongoing issues within its U.S. wholesale business.  "There's been a lot of volatility this past year, some in our control, some outs ...

KEY TAKEAWAYSLevi Strauss plans layoffs of 10% to 15% of its global workforce to cut costs.The job cuts are expected to take place in the first half of this year, with the costs of restructuring estimated between $110 million and $120 million.Levi Strauss reported its net income fell 57% from a year ago, with revenue stagnating as inflation squeezed consumers.Levi Strauss & Co. (LEVI) shares lost 1% in early trading Friday after the denim maker announced plans to cut between 10% and 15% of its workforce.The ...

Levi Strauss (NYSE:LEVI) layoffs are coming for the company’s employees in 2024 as it prepares to cut costs and save money in a tough economy.That update came in the company’s earnings report for Q4 2023. In that update, Levi Strauss said the layoffs will affect between 10% and 15% of its corporate workforce and save it $100 million this year.Levi Strauss notes that these layoffs are set to take place in the first half of 2024. The company also expects to suffer $110 million to $120 million in charges in th ...

Levi Strauss & Co has unveiled plans to cut jobs in its corporate division after reporting a fall in net income during 2023. Between 10% and 15% of the denim giant’s global corporate workforce will be cut under the move, which will aim to reduce costs and simplify organisation across the business. This will be part of a two-year initiative, Levi’s said in Thursday’s full-year results announcement, with the cuts representing the initial phase of the plan. Levi’s announced the reductions as the firm reported ...

Financial Data and Key Metrics Changes - The company reported Q4 revenues increased by 2%, with Levi's brand revenues up 4%, marking a multi-decade high driven by global brand strength [36][45] - Adjusted gross margin improved by 200 basis points year-over-year to 57.8%, primarily due to lower product costs and favorable channel mix [52][53] - Adjusted diluted EPS was $0.44, reflecting nearly 30% growth compared to the previous year [28] Business Line Data and Key Metrics Changes - Direct-to-consumer (DTC) revenue grew 13% to $2.6 billion, accounting for 43% of total global revenues [19][30] - Women's business saw an 8% increase in Q4, with significant growth in women's denim bottoms and a notable 50% increase in skirts and dresses [46][48] - The Dockers brand was flat for the year but down 20% in Q4, with growth in DTC and international markets offset by weakness in US wholesale [47] Market Data and Key Metrics Changes - The Americas region saw a 4% increase in net revenues, driven by a return to growth in the US, which was up 4% [54] - Asia's revenues grew 7% in Q4, with China specifically up 13% for the quarter and 21% for the year, returning to profitability [55] - European net revenues returned to growth, up 1%, despite challenges in the wholesale channel [29] Company Strategy and Development Direction - The company is focusing on becoming a denim lifestyle brand, expanding offerings beyond traditional denim to include skirts, dresses, and tops [48][49] - Project FUEL, a global productivity initiative, aims to deliver approximately $100 million in net savings for fiscal 2024, enhancing operational efficiency [24][26] - The company plans to open over 100 new stores globally, with a focus on DTC expansion [32] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macroeconomic environment, particularly in the US and Europe, while acknowledging positive trends in DTC and wholesale [42][51] - The company anticipates net revenue growth of 1% to 3% for fiscal 2024, factoring in challenges from exiting the Denizen brand and lower off-price sales [56] - Management highlighted the importance of innovation and brand strength in driving future growth, particularly in the DTC channel [44][45] Other Important Information - The company announced the strategic decision to discontinue the Denizen brand, which is expected to impact sales by about 1 point in 2024 [18] - The company has strengthened its management team with key appointments to drive future growth [14][21] - The company returned $199 million in capital to shareholders, primarily through dividends, which increased by 9% compared to the previous year [30] Q&A Session Summary Question: Can you dive into Asia's performance and the $100 million cost cuts? - Management reported strong growth in Asia, with a full-year increase of 18%, and confirmed that the $100 million in cost cuts will be realized in fiscal 2024, starting in Q2 [64][82] Question: How did Europe perform during the holiday period? - Management noted that Europe faced macro headwinds but posted modest growth, particularly in the DTC channel, which was up 10% [78][79] Question: What drove the positive performance in US wholesale? - Management attributed the positive performance to improved execution, better fill rates, and successful pricing actions taken in the previous quarter [74][36]