On January 27, 2024, Levi Strauss & Co (NYSE: LEVI) released its fourth-quarter results, which led to a decline in premarket trading on Friday. Despite facing challenges such as softer revenues and the need to cut 10% to 15% of global corporate jobs, the company managed to surpass earnings expectations. This achievement was fueled by an expansion in gross margin and a decrease in the tax rate.
Dana Telsey, an analyst at Telsey Advisory Group, expressed confidence in Levi Strauss and maintained an Outperform rating. Telsey even raised the price target for the company from $16 to $18. Looking ahead, Levi Strauss is projecting low single-digit revenue growth for fiscal 2024. However, they anticipate headwinds due to the exit of the Denizen business, lower off-price sales, and unfavorable foreign exchange rates. On a positive note, the company expects a boost from the 53rd week.
As news of the earnings report broke, the stock price of Levi Strauss declined by 2.03% to $15.43 during the premarket session on Friday. In addition to the financial results, the company also revealed plans to reduce corporate jobs and undergo an upscale transformation under the leadership of their new CEO, Michelle Gass.
For more detailed information on Levi Strauss & Co’s stock price and analyst ratings, interested individuals can explore various financial news websites.
LEVI Stock Displays Positive Momentum on January 27, 2024: Potential for Further Growth
LEVI stock displayed positive momentum on January 27, 2024, trading in the middle of its 52-week range and above its 200-day simple moving average. The price of LEVI shares increased by $0.20, or 1.27%, to reach a closing price of $15.95. However, in after-hours trading, the stock experienced a slight drop of $0.02. Despite this, the stock’s overall positive momentum during regular trading hours suggests potential for further growth. LEVI stock’s position above its 200-day simple moving average indicates a long-term upward trend, while being in the middle of its 52-week range suggests room for continued upward movement. Investors should closely monitor after-hours trading activity for further insights into the stock’s short-term performance. It is important for investors to conduct their own research, consider multiple sources, and consult with a financial advisor before making investment decisions.
Levi Strauss & Co. (LEVI) Stock: Analyzing Financial Results and Potential Turnaround
On January 27, 2024, Levi Strauss & Co. (LEVI) stock experienced a day of trading that left investors and analysts intrigued. The company had recently released its financial results for the past year and the fourth quarter, shedding light on LEVI’s total revenue, net income, and earnings per share (EPS) figures.
Levi Strauss & Co. reported total revenue of $6.18 billion for the past year, showing no significant growth or decline compared to the previous year. The total revenue for the fourth quarter stood at $1.64 billion, indicating stability since the last quarter.
However, the net income for the past year decreased by 56.14% compared to the previous year, raising concerns about LEVI’s profitability. The net income for the fourth quarter remained flat, suggesting that the decline may have stabilized.
The earnings per share (EPS) for the past year also decreased by 55.91% compared to the previous year. Similar to the net income figures, the EPS remained flat in the fourth quarter.
Overall, the decline in net income and EPS raised concerns among investors, but the fact that these figures held steady in the fourth quarter may provide some hope for a potential turnaround.
Investors and analysts will closely monitor future financial reports from Levi Strauss & Co. to gauge the company’s ability to address challenges and restore profitability. Thorough research and consideration of various factors are important before making any decisions regarding LEVI stock.
