Levi Strauss & Co. (NYSE: LEVI) announced results for the first quarter of 2024, reporting a decrease in revenues and lower adjusted profit.
The apparel company reported a net loss of $10.6 million or $0.03 per share for the first quarter, compared to a profit of $114.7 million or $0.29 per share in the prior year period. On an adjusted basis, it was earnings of $0.26 per share in Q1, compared to $0.34 per share in the corresponding period of 2023.
The company posted net revenues of $1.56 billion for the February quarter, down 8% from $1.69 billion reported in the prior-year quarter. Meanwhile, direct-to-consumer net revenue increased 7%.
“The momentum in our global DTC business continues, with DTC up in all segments. Our efforts to stabilize our wholesale business are delivering results. We are on our way to transforming this company into a best-in-class DTC first apparel retailer, setting the stage for our next phase of sustainable profitable growth,” said Levi’s CEO Michelle Gass.