Excluding one-time costs related to Levi's restructuring, the company reported earnings per share of 26 cents, ahead of Wall Street's estimates. The sales slump was primarily attributed to a shift in Levi's wholesale orders, which boosted profits by about $100 million in the year-ago period. For the last couple of years, Levi's has been moving away from wholesalers and doing more of its sales through its own stores and website. If Macy's store closures or other challenges to department stores affects Levi's business, she expects direct-to-consumer sales will offset those losses. During the quarter, sales of items like denim skirts, dresses and tops were up 19% in Levi's direct-to-consumer channel, said Gass.

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Persons: Levi Strauss, Levi's, Macy's, Levi's —, Michelle Gass, Gass, Harmit Singh, Beyoncé, Carter, Post Malone Organizations: Levi's, LSEG, Arkhouse Management, CNBC Locations: U.S, Europe