From Investing.com: 2024-06-27 07:55:49

Levi Strauss (NYSE:) shares dropped 15% premarket due to weak U.S. wholesale business, impacting Q2 revenue. Wholesale revenue fell while direct-to-consumer sales rose 12%. Despite a good quarter, high expectations and cautious retailers limited results. Levi’s DTC business, focusing on trendier styles, couldn’t offset wholesale struggles, blamed on weak Dockers brand.

Levi Strauss’ P/E ratio is 16.8 for next 12 months, above industry median of 14.2. Stock rose 40% as CEO Michelle Gass took over in January. Contrastingly, Abercrombie & Fitch raised sales target betting on trendier styles demand. Levi’s shares traded at $19.60 premarket.



Read more at Investing.com: Levi Strauss slumps on second-quarter revenue miss as wholesale business remains weak By Reuters