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Levi Strauss & Co (NYSE:LEVI) shares are trading lower in Thursday’s after-hours session after the company reported fourth-quarter financial results. Here’s a look at the highlights from the quarter.
Q4 Earnings: Levi said fourth-quarter revenue increased 3% year-over-year to $1.64 billion, which missed the consensus estimate of $1.66 billion, according to Benzinga Pro. The company reported quarterly earnings of 44 cents per share, which beat analyst estimates of 43 cents per share.
Direct-to-consumer revenues were up 11% year-over-year while wholesale revenues declined 2%. Americas revenues were up 6%, Europe revenues were up 2% and Asia revenues were up 4%. Other Brands revenues decreased 11%.
Operating margin was 9.2% during the fourth quarter. The company ended the quarter with $399 million in cash and equivalents.
Levi said its board endorsed a global productivity initiative in the first quarter that is expected to generate net cost savings of $100 million in 2024. The first phase of the initiative will include a 10% to 15% workforce reduction in the first half of 2024. As a result, the company anticipates $110 million to $120 million in restructuring charges in the first quarter.
“Looking forward, we are focused on margin execution supported by gross margin expansion and by our global productivity initiative, which gives us clear line of sight to significant annual cost savings,” said Harmit Singh, CFO and chief growth officer of Levi.
Outlook: Levi said it expects full-year 2024 revenue growth of 1% to 3%. The company guided for full-year 2024 adjusted earnings of $1.15 to $1.25 per share versus estimates of $1.33 per share.
Management will hold a conference call to discuss these results at 5 p.m. ET.
From Last Week: Annual Retail Sales Surge By 5.6% In December, Hit 10-Month High, Showcase Robust Consumer Demand
LEVI Price Action: Levi shares were down 2.03% after hours at $15.42 at the time of writing, according to Benzinga Pro.
Photo: Wikimedia Commons.
Posted In: LEVI
