Denim giant Levi Strauss & Co. (NYSE: LEVI) reported better-than-expected earnings and revenues for the second quarter of 2022, reflecting the strength of its brand-led, direct-to-customer business model and diversified portfolio. The company also reaffirmed its full-year guidance. The stock made strong gains soon after the announcement.
Adjusted net income increased to $0.29 per share in the May quarter from $0.23 per share in the year-ago period. Analysts had predicted the bottom line would remain unchanged. Meanwhile, second-quarter unadjusted profit declined to $49.7 million or $0.12 per share from $64.7 million or $0.16 per share in the corresponding period of 2021.
The company reported net revenues of $1.47 billion for the three-month period, which is up 15% year-over-year and above Wall Street’s projection. Global direct-to-consumer net revenues rose 16% year-over-year, reflecting a 23% increase in company-operated stores.
“Our brands are resonating with consumers across geographies, channels, and product categories. By continuing to advance our most impactful growth drivers – being brand-led, direct to the consumer first, and diversifying the portfolio, we are well-positioned to continue to drive growth and create significant value for all our stakeholders,” said Levi’s CEO Chip Bergh.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Shares of the Walt Disney Company (NYSE: DIS) have been rallying since the entertainment leader delivered strong results for its third quarter of 2022 a day ago. The stock was
Kohl’s Corporation (NYSE: KSS) has been on investors' radar ever since the retailer put itself up for sale earlier this year, after coming under pressure from activist investors. Putting an
Entertainment behemoth The Walt Disney Company (NYSE: DIS) on Wednesday reported higher revenues and earnings for the third quarter of 2022. The results also topped expectations. Third-quarter revenues of the Los