[1/2] The Levi Strauss & Co. label is seen on clothes in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022.
Shares of the company fell about 6% in extended trading, as it joined peer American Eagle Outfitters (AEO.N) in predicting a weak outlook for consumer spending.
Levi’s net revenues for the second quarter that ended May 28 declined by 9%, its steepest quarterly drop since the first quarter of 2021, according to Refinitiv data.
The annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%.
The apparel maker posted a net loss of $1.6 million for the second quarter, compared with a net income of $49.7 million a year earlier.
Persons:
Levi Strauss, Andrew Kelly, Levi's, Chip Bergh, Bergh, Michael Ashley Schulman, Granth, Kate Masters, Shweta Agarwal, Muralikumar
Organizations:
Woodbury, REUTERS, American Eagle Outfitters, Nordstrom, Revenue, Running, Capital Advisors, Thomson
Locations:
Central Valley , New York, U.S, North America, Bergh, Levi's U.S, Europe, Americas, Bengaluru, New York