Shares of Levi Strauss (NYSE:LEVI) lost over 7% in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $0.04, which beat analysts’ consensus estimate of $0.03 per share.
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Sales decreased by 8.8% year-over-year, with revenue hitting $1.34 billion. This was effectively in line with analyst projections.
Looking ahead, Levi Strauss’ management offered projections for Fiscal Year 2023, which disappointedinvestors. Indeed, earnings per share figures are expected to come in between $1.10 and $1.20, which is not only down from earlier projections of $1.30 to $1.40, but also falters against analyst projections looking for $1.29. Furthermore, net revenues on a year-over-year basis are expected to climb between 1.5% to 2.5%, a retracement from earlier projections between 1.5% and 3%.
Overall, Wall Street has a consensus price target of $17.88 on Levi Strauss, implying 25.48% upside potential, as indicated by the graphic above.