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published in Blogs
Oct 07, 2022
Levi's (LEVI, $15.93) slashes full-year guidance

Levi's (LEVI, $15.93) slashes full-year guidance

Levi’s posted third quarter sales that surpassed expectations. However, the denim company slashed its guidance for the full-year.

Revenue came in at $1.51 billion, compared to the Street’s consensus for $1.59 billion.

The company now expects net revenue growth of between 6.7% to 7% for the full-year, down from a prior forecast of 11% to 13% growth. The outlook revision comes amidst an environment of a stronger dollar and supply chain challenges.

Levi’s guidance on adjusted diluted earnings per share is now $1.50 and $1.56, compared to previous guidance of $1.44 to $1.49.

“Despite a more challenging environment, we delivered solid third quarter results,” president and CEO Chip Bergh mentioned in a statement. “The Levi's brand grew 6 percent in constant-currency, hitting a 10- year record third quarter sales result.”

Related Tickers: LEVI