Consumer
Levi Falls Most Ever After Missing Investors’ High Expectations
- Apparel company left its full-year guidance unchanged
- Wall Street was expecting more given denim’s popularity
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Denim maker Levi Strauss & Co. fell as much as 18% on Thursday after the company reported quarterly sales that fell just short of estimates, underscoring Wall Street’s high expectations for the company.
Revenue was $1.44 billion in the company’s fiscal second quarter which ended May 26, versus the average analyst estimate of $1.45 billion. Sales in the Americas were strong, but fell short of expectations in Europe and Asia. Profit beat expectations but the company reaffirmed its full-year outlook.