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Levi Strauss & Co. shares fell in the extended session Thursday after the jeans company cut its forecast for the year while topping the Wall Street earnings by a penny a share.
Levi Strauss shares fell more than 5% after hours, following a 0.8% rise to close the regular session at $14.23.
The company said it expects revenue to grow by 1.5% to 2.5% year-over-year, compared with a previous forecast of 1.5% to 3% growth, with adjusted earnings of $1.10 to $1.20 a share, down from the previous forecast of $1.30 to $1.40 a share.
The company said the “outlook also assumes no significant worsening of macro-economic pressures on the consumer, inflationary pressures, supply chain disruptions, or currency impacts.”
Analysts, on average, were calling for $1.29 a share on revenue of $6.33 billion, or a 2.6% increase. The company reported a second-quarter loss of $1.6 million, or break-even per share, compared with net income of $49.7 million, or 12 cents a share, in the year-ago period.
Adjusted earnings, which exclude stock-based compensation costs and other items, were 4 cents a share, compared with 29 cents a share in the year-ago period.
Revenue fell to $1.34 billion from $1.47 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast 3 cents a share on revenue of $1.34 billion.
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