Levi Strauss beats by $0.01, beats on revs; reaffirms FY23 EPS guidance, revs guidance
- Reports Q1 (Feb) earnings of $0.34 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.33; revenues rose 6.1% year/year to $1.69 bln vs the $1.61 bln S&P Capital IQ Consensus.
- Gross profit was $942 million compared to $944 million last year. Gross margin was 55.8%, down from 59.3%. Adjusted gross margin, was also 55.8%, down 360 basis points. Unfavorable currency exchange accounted for approximately 30 basis points of the decline, while the balance reflects the impact of lower full-priced sales and higher product costs, partially offset by favorable channel mix, price increases and lower air freight expenses.
- Co reaffirms guidance for FY23, sees EPS of $1.30-1.40, excluding non-recurring items, vs. $1.33 S&P Capital IQ Consensus; sees FY23 revs of $6.3-6.4 bln vs. $6.31 bln S&P Capital IQ Consensus.
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