Levi Strauss & Co. (NYSE: LEVI) announced financial results for the second quarter, reporting a net loss compared to profit last year and a decline in revenues.
The apparel company posted a net loss of $1.6 million for the second quarter of 2023, compared to earnings of $49.7 million or $0.12 per share in the year-ago period. Meanwhile, on an adjusted basis, it was net income of $15 million or $0.04 per share in Q2, compared to $117 million or $0.29 per share in the corresponding period of 2022.
The company reported net revenues of $1.34 billion for the May quarter, which is down 9% year-over-year. Direct-to-consumer net revenue increased 13%, driven by broad-based growth in both company-operated mainline/outlet stores and e-commerce.
“While U.S. wholesale remains pressured, we are pursuing initiatives to stabilize this business and drive market share gains. We are confident in our ability to navigate near-term headwinds and remain as optimistic as ever about the company’s future,” said Levi’s CEO Chip Bergh.