Levi Strauss stock surges 18% on strong earnings and raised profit guidance.

From CNBC: 2024-04-04 17:15:02

Levi Strauss & Co. stock surged 12% after the retailer raised its full-year profit guidance and reported better-than-expected holiday earnings. The company expects adjusted earnings per share for fiscal 2024 to be between $1.17 and $1.27, up from a previous range of $1.15 to $1.25, exceeding analyst forecasts of $1.21 per share.

To combat a slowdown in discretionary spending, Levi’s launched Project Fuel to cut costs and boost efficiency. The company reduced its global workforce by 12%, exited its lower-margin Denizen business, and decreased reliance on discounts. Record online and store sales have helped enhance Levi’s bottom line and improve gross margins to 58.2%.



Read more at CNBC: Shares of Levi Strauss surge 18% on Q1 2024 earnings