Levi Strauss & Co (FRA:LV2B)
€ 17.645 -0.23 (-1.29%) Market Cap: 7.07 Bil Enterprise Value: 8.46 Bil PE Ratio: 56.51 PB Ratio: 4.02 GF Score: 85/100
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Q2 2024 Levi Strauss & Co Earnings Call Transcript

Jun 26, 2024 / 09:00PM GMT
Release Date Price: €21.4 (-0.88%)

Key Points

Positve
  • Revenue increased by 9% in constant currency and 2% adjusted for ERP shift and Denizen business exit.
  • Direct-to-consumer (DTC) channel grew by 11%, marking nine consecutive quarters of robust growth.
  • Levi's women's business delivered 22% growth in DTC, with Levi's ranking number one in women's denim bottoms in the US.
  • Record gross margins of 60.5%, leading to higher than expected adjusted diluted EPS of $0.16.
  • E-commerce grew by 19%, with strong full-price sell-through and strength in women's products.
Negative
  • Global wholesale business was down 4% on an adjusted basis.
  • Dockers brand underperformed, down 1% on an adjusted basis.
  • China's revenue was down by 10%, impacting overall Asia growth.
  • Incremental FX headwinds and higher tax rates posed challenges.
  • Transition to a new distribution and logistics strategy will result in a temporary increase in distribution costs, impacting EPS by $0.02 in 2024.
Operator

Good day, ladies and gentlemen, and welcome to the Levi Strauss & Company second-quarter fiscal 2024 earnings conference call for the period ending May 26, 2024. (Operator Instructions) Now, this conference call is being recorded and may not be reproduced in whole or in part without written permission from the company. This conference call is being broadcast over the Internet and a replay of the webcast will be accessible for one quarter on the company's website, levistrauss.com. I would now like to turn the call over to Aida Orphan, Vice President of Investor Relations at Levi Strauss & Company.

Aida Orphan
Levi Strauss & Co. - IR

Thanks, Latif. Thank you for joining us on the call today to discuss the results for our second-quarter fiscal 2024. Joining me on today's call are Michelle Gass, our President and CEO; and Harmit Singh, our Chief Financial and Growth Officer. We have posted complete Q2 financial results in our earnings release on the IR section of our website, investors.levistrauss.com. The link to the webcast of today's conference call

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