Levi Strauss cuts guidance after Q3 revenue miss; mulls Dockers sale
Investing.com — Levi Strauss & Co . on Wednesday cut annual guidance after missing Q3 revenue estimates and the denim apparel maker said it was mulling options for its underperforming Dockers brand including a potential sale.
Levi Strauss & Co Class A (NYSE:LEVI) was down more than 8% in afterhours following the news.
Levi reported fiscal Q3 adjusted earnings of $0.33 per diluted share on revenue of $1.52B, compared with Wall Street forecasts for for $0.31 on revenue of $1.55B.
Dockers revenue decreased 15% in Q3 from a year and the company said it had initiated a formal review of strategic alternatives for the Dockers including a potential sale.
Looking ahead, the company is now forecasting revenue to grow 1%, compared with a prior forecast of 1% to 3%. The company expects adjusted diluted EPS $1.22, the mid-point of the previously guided range of $1.17 to $1.27, missing estimates of $1.25.
