2024-04-05 07:30:00 ET
Summary
- Levi Strauss & Co's shares rose 12.4% after announcing Q1 financial results, exceeding revenue and adjusted earnings forecasts.
- Despite declining revenue and profits, management is optimistic about the company's future and expects revenue to grow by 1-3% for the fiscal year.
- The stock has seen a significant increase in value, but it is currently expensive compared to similar companies, leading to a downgrade to a 'hold' rating.
April 4th ended up being a really great day for shareholders of jeans producer Levi Strauss & Co ( LEVI ). Shares of the company closed up 12.4% after management announced (after the close of the market the day prior) financial results covering the first quarter of the firm's 2024 fiscal year. Although revenue and profits declined year over year, and the company failed to meet or exceed expectations when it came to earnings per share, it exceeded forecasts with both revenue and adjusted earnings. This, combined with an upward revision in expectations for 2024 as a whole, gives management and investors alike optimism that the picture for the enterprise moving forward might very well turn positive....
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Levi Strauss Rips Higher On Earnings - Now's The Time To Try Something Else