: Levi Strauss tops profit and revenue estimates and backs guidance

An earlier version of this report mistakenly referred to the quarter as fourth quarter. It’s the company’s fiscal first quarter. The report has been corrected.Levi Strauss & Co. LEVI said Thursday it had net income of $115 million. or 29 cents a share, for its fiscal first quarter through Feb. 26, down from $196 million, or 48 cents a share, in the year-earlier period. Adjusted per-share earnings came to 34 cents, ahead of the 32 cent FactSet consensus. Revenue rose 6% to $1.689 billion from $1.592 billion, also ahead of the $1.623 billion FactSet consensus. CFO Harmit Singh said the company managed to reduce inventory levels, a problem that has vexed apparel retailers of late as it forces them to discount product. “We are reaffirming our annual revenue and EPS guidance reflecting a cautious outlook on the macro-environment though we remain excited about the momentum in our DTC and international businesses,” he said in a statement. The company is still expecting full-year adjusted EPS of $1.30 to $1.40 and revenue of $6.3 billion to $6.4 billion. The stock slid 3.9% premarket and is down 7% in the last 12 months, while the S&P 500 SPX has fallen 9%.

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