$LEVI (-0.19%) | Levi Strauss Q3 '24 Earnings Highlights:
๐น EPS: $0.33 (Est. $0.31) ๐ข; UP +18% YoY
๐น Revenue: $1.50B (Est. $1.55B) ๐ด; FLAT YoY
FY24 Guidance:
๐น Revenue Growth: Now expected +1% (vs. prior +1-3%)ย ๐ด
๐น Adj Diluted EPS: Reaffirmed at $1.17 to $1.27
Key Metrics:
๐น Gross Margin: 60.0% (UP +440 basis points YoY)
๐น Net Income: $21M (UP +116% YoY)
๐น Adjusted Net Income: $132M (UP +18% YoY)
๐น Operating Margin: 2.0% (vs. 2.3% in Q3 2023)
๐น Adjusted EBIT Margin: 11.6% (UP +250 basis points YoY)
Segment Performance:
๐น Americas: $757M (DOWN -1% YoY)
๐น Europe: $407M (UP +6% YoY)
๐น Asia: $247M (FLAT YoY; UP +4% in constant currency)
๐น Other Brands: $106M (DOWN -7% YoY)
Channel Performance:
๐น DTC (Direct-to-Consumer): UP +10% YoY; UP +12% in constant currency
๐น Wholesale: DOWN -6% YoY
Strategic Update:
๐ธ Company announced a strategic review of the Dockersยฎ brand, exploring potential sale or other strategic alternatives.
CEO Commentary:
๐ธ "We are making progress in key areas, including double-digit growth in our direct-to-consumer business and improved performance in Europe." โ Michelle Gass, CEO
CFO Commentary:
๐ธ "We delivered significant margin expansion and EPS growth, and we expect sequential improvement into Q4." โ Harmit Singh, CFO