Shares of Levi Strauss surged 18% on Thursday after the retailer raised its full-year profit guidance and posted holiday earnings that beat expectations.
Late Wednesday, Levi's announced its fiscal first quarter earnings and said it expects adjusted earnings per share for fiscal 2024 to be between $1.17 and $1.27, up from a previous range of $1.15 to $1.25.
As part of the project, Levi's cut about 12% of its global workforce.
It also exited its Denizen business, which comes at a lower margin, and has relied less on aggressive discounting to drive sales.
It's also seeing record amounts of sales happening online and through its own shops instead of through department stores like Macy's and Kohl's , which come at a lower margin.
Persons:
Levi Strauss, Levi's, it's, that's, It's, Harmit Singh
Organizations:
Woodbury
Locations:
Central Valley , New York, U.S