-===Levi Strauss (LEVI) reported earnings on Wed 2 Oct 24 (a/h)

 

Levi Strauss beats by $0.02, misses on revs; guides FY24 EPS in-line, lowers FY24 revenue guidance; initiates review of strategic alternatives for Dockers brand

• Reports Q3 (Aug) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.31; revenues rose 0.4% year/year to $1.52 bln vs the $1.55 bln FactSet Consensus. 
• Revs were flat on a reported basis, despite 160 basis points of FX headwind, and 2% higher on a constant-currency basis. The Levi's brand was up 5% globally. 
• In the Americas, net revenues decreased 1% on a reported basis and were flat on a constant-currency basis. Adjusting for the exit of the Denizen business, the Americas was up 2%. 
• In Europe, net revenues increased 6% on a reported basis and 7% on a constant currency basis, reflecting positive growth across a majority of markets and in both channels. 
• Asia net revenues were roughly in line with prior year on a reported basis and up 4% on a constant-currency basis. 
• Other Brands net revenues decreased 7% on a reported basis and 5% on a constant-currency basis. Dockers decreased 15% on a reported basis and -13% CC. Beyond Yoga increased 19% on a reported and CC basis. 
• DTC (Direct-to-Consumer) net revenues increased 10% on a reported basis and 12% CC. DTC growth reflected a 12% increase in the US and a 9% increase in Europe. DTC comprised 44% of revs in Q3. 
• Wholesale net revenues decreased 6% on a reported basis and -5% CC. Co issues guidance for FY24, now sees adjusted EPS at the mid-point of the $1.17-1.27 prior guidance, which is slightly below the $1.25 FactSet Consensus; co lowers FY24 revenue outlook 10/3/24, 11:26 PM Briefing.com: Hourly In Play (R) https://hosting.briefing.com/cschwab/InDepth/InPlay.htm 44/46 to +1% from +1-3% prior guidance; we compute new guidance as $6.24 bln vs. $6.32 bln FactSet Consensus. Co guides to FY24 constant-currency revs of +1.5-2.0% CC. 
• Review of Strategic Alternatives for Dockers: Co also announces that it has initiated a formal review of strategic alternatives for the Dockers brand, which could include a potential sale or other strategic transaction. Co has retained Bank of America as its financial advisor. No deadline or definitive timetable for the completion of review process has been set.

-=Levi Strauss (LEVI) reported earnings on Thur 6 Apr 23 (b/o)

 

Levi Strauss beats by $0.01, beats on revs; reaffirms FY23 EPS guidance, revs guidance

• Reports Q1 (Feb) earnings of $0.34 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.33; revenues rose 6.1% year/year to $1.69 bln vs the $1.61 bln S&P Capital IQ Consensus.
• Gross profit was $942 million compared to $944 million last year. Gross margin was 55.8%, down from 59.3%. Adjusted gross margin, was also 55.8%, down 360 basis points. Unfavorable currency exchange accounted for approximately 30 basis points of the decline, while the balance reflects the impact of lower full-priced sales and higher product costs, partially offset by favorable channel mix, price increases and lower air freight expenses.
• Co reaffirms guidance for FY23, sees EPS of $1.30-1.40, excluding non-recurring items, vs. $1.33 S&P Capital IQ Consensus; sees FY23 revs of $6.3-6.4 bln vs. $6.31 bln S&P Capital IQ Consensus.

-=Levi Strauss (LEVI) reported earnings on Tue 6 Oct 20 (a/h)

 

Levi Strauss beats by $0.30, beats on revs

Reports Q3 (Aug) earnings of $0.08 per share, excluding non-recurring items, $0.30 better than the S&P Capital IQ Consensus of ($0.22); revenues fell 26.5% year/year to $1.06 bln vs the $822.25 mln S&P Capital IQ Consensus.

Co says it plans to guide for Q4 (Nov) on the call.

• Revenue decrease was primarily due to the impacts of the COVID-19 pandemic, including reduced traffic and ongoing closures of company-operated and third-party retail locations for portions of the quarter and in certain markets.
• Company e-commerce revenue growth of 52% partially offset the decline, while the company's global digital revenues, which includes the company's e-commerce sites as well as the online business of its pure-play and traditional wholesale customers, grew approximately 50%, and comprised approximately 24% of Q3 revenues, double what it was a year prior.
• The substantial majority of third-party retail locations have reopened globally, as well as substantially all company-operated doors and franchisee doors, albeit many remain on reduced hours; and while sales remain down compared to prior year, the company continues to mitigate ongoing traffic declines by driving meaningfully higher conversion.
• As store locations have reopened, the company's e-commerce net revenues growth has remained strong, at 52% growth for the quarter as compared to the prior year.

-=Levi Strauss (LEVI) reported earnings on Tue 7 July 20 (a/h)

Strauss misses by $0.05, misses on revs, not providing guidance, plans to eliminate about 700 positions

Reports Q2 (May) loss of $0.48 per share, $0.05 worse than the S&P Capital IQ Consensus of ($0.43); revenues fell 62.1% year/year to $498 mln vs the $564.36 mln S&P Capital IQ Consensus.

In the Americas, net revenues declined 59 percent on a reported basis. The decrease in net revenues was across channels and brands due to the impacts of COVID-19 and the temporary closure of company-operated and third-party retail locations across the region. The majority of these locations closed mid-March and remained closed through the end of the quarter.

• In Europe, net revenues declined 68 percent on a reported basis.
• In Asia, net revenues decreased 61 percent on a reported basis.

Adjusted gross margin was 51.5%, a decline of 180 basis points, primarily reflecting lower wholesale gross margins, due to a higher proportion of Europe's sales in lower margin markets and channels, which was partially offset by the benefit of price increases.

The company has made the decision to reduce its non-retail, non-manufacturing workforce by about 700 positions, or roughly 15%, which it expects will generate annualized savings of $100 mln.

Guidance: Given the ongoing substantial uncertainty resulting from the COVID-19 pandemic and related economic impact, the company has withdrawn all guidance provided on January 30, 2020, and is not providing further guidance at this time.

Although trends appear to be improving sequentially, the ultimate health and economic impact of the COVID-19 pandemic remains highly uncertain. The company expects that its business and results of operations, including net revenues, earnings and cash flows, will continue to be significantly adversely impacted for at least the balance of 2020, and there remains the possibility of additional COVID-19 related inventory and other charges.

Levi Strauss (LEVI) reported earnings on Tue 9 July 19 (a/h)

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• Second quarterly report since going public on March 21. 
• Heading into the report, the stock has been red-hot, up 12% over the past week. The jeans and apparel maker posted solid Q1 results back on April 9 and based on the stock action it appears investors are anticipating another positive report tonight.

Levi Strauss beats by $0.05, beats on revs, raises FY19 Adj. EBIT margin guidance

• Reports Q2 (May) earnings of $0.17 per share, $0.05 better than the $0.12 Capital IQ Consensus. Revenues rose 5.4% year/year to $1.31 bln vs the $1.29 bln S&P Capital IQ Consensus.
• The company's direct-to-consumer business grew reported revenues by 9% in the second quarter, primarily due to performance and expansion of the retail network and e-commerce growth.
• Adj. EBIT margin decreased to 6.2% from 6.8% in yr ago quarter.
• Guidance: Co raises FY19 adj. EBIT margin improvement to +10 bps from flat to slightly higher; constant currency net rev to the high end of the mid-single digit range from +MSD previously.

Levi Strauss follow up: Beats earnings and revenue, misses gross margin estimates

• Levi's reported solid second quarter results. Earnings came in at $0.17 on an adjusted basis versus the $0.12 S&P Capital IQ Consensus. Revenue rose 5% to $1.31 bln vs. $1.29 bln consensus; we initially compared the second quarter (May) results to the first quarter (February) estimates.
• One blemish came in the gross margin line item, which came in at 53.3%, missing estimates. Levi said 100 basis-points of unfavorable currency was partially offset by less discounted sales and the margin benefit from growth in the direct-to-consumer channel.
• The company slightly raised its outlook for fiscal 2019: Adj. EBIT margin improvement to +10 bps from flat to slightly higher, constant currency net revenue growth to the high end of the mid-single digit range from mid-single digit growth previously.
• The stock is down 6% after hours.

Levi Strauss (LEVI) reported earnings on Tue 9 Apr 2019 (a/h)

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Levi Strauss reports Q1 Adj. Net Income of $151 mln (no estimates), ahead of guidance provided in IPO prospectus, and revenue of $1.435 billion

• Co reports Q1 Adj. Net Income of $151 million, ahead of the $136-$149 million guidance it provided in its IPO prospectus. Reports revenue of $1.435 billion, up 7% y/y, at the high end of the $1.42-$1.435 billion guidance provided.

• Reported net revenues related to the company's direct-to-consumer business grew 10%, primarily due to performance and expansion of the retail network as well as e-commerce growth. The company had 70 more company-operated stores at the end of the first quarter of 2019 than it did a year prior. Reported net revenues related to the company's wholesale business grew 5%, reflecting growth in all regions.

• Outlook: for FY19, LEVI expects constant-currency net revenue growth of mid-single digits, and, constant currency Adj. EBIT margin flat to slightly up.

Earnings this week : April 8 - 12, 2019 (wk 15)

Monday (April 8)

• none

Tuesday (April 9)

• Morning: LNN SJR
• Afternoon: PSMT WDFC  LEVI

Wednesday (April 10)

• Morning: DAL MSM
• Afternoon: BBBY

Thursday (April 11)

• Morning: APOG FAST RAD
• Afternoon: none

Friday (April 12) 

• Morning: FRC JPM PNC WFC