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.”