Levi Strauss fell short of market expectations for second-quarter revenue on Wednesday and maintained its annual forecast for profit and revenue, on choppy demand for its denim clothing in the United States.
Shares of the company, which have risen 39 percent so far this year, were down 11 percent in extended trading.
The company continues to expect fiscal 2024 revenue growth of 1 percent to 3 percent, while analysts on average expected growth of 2.79 percent, as per LSEG data.
The company reported second-quarter net revenue of $1.44 billion, compared with estimates of $1.45 billion.
By Juveria Tabassum; Editing by Krishna Chandra Eluri
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Levi Strauss Ends Lawsuit Against Italy’s Brunello Cucinelli Over Trademarked Tab
Levi notified a federal judge in Oakland, California on Tuesday that it was dismissing the case with prejudice, meaning it cannot be brought again. Settlement talks began shortly after Levi sued in January.
