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Levi’s lowered its outlook for the year.
Justin Sullivan/Getty Images
Shares of
Levi Strauss
fell early Friday after the jeans maker lowered its outlook for the year.
On Thursday, the company (ticker: LEVI) said it expects revenue to grow between 1.5% and 2.5% this year, compared with a previous forecast of as much as 3% revenue growth. Earnings per share are expected to be between $1.10 and $1.20. The earlier prediction was for between $1.30 and $1.40.
Levi Strauss
shares fell 7.8% in premarket trading to $13.12. They have fallen 8.3% since the start of the year.
The company was able to slightly beat analysts’ estimates in the quarter ending May 28, with EPS coming in at 4 cents rather than the consensus of 3 cents. Nevertheless, the company’s business has been hurt by faster inflation, weak economic growth and supply-chain problems.
“We are pursuing initiatives to stabilize this business and drive market share gains,” said Chip Bergh, Levi’s chief executive officer. “We are confident in our ability to navigate near-term headwinds and remain as optimistic as ever about the company’s future.”
Write to Brian Swint at [email protected]
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