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Levi Strauss stock falls after Q4 profit, sales beat

Economy, Finance

Levi Strauss & Co. fell in the extended session Wednesday after the retailer reported fourth-quarter earnings and sales above Wall Street forecasts but said it continued to experience lower foot traffic at its stores and other problems related to the pandemic. Levi Strauss said it earned $57 million, or 14 cents a share, in the quarter, compared with $96 million, or 23 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 20 cents a share, compared with 26 cents a share a year ago. Sales fell 12% to $1.39 billion, mostly thanks to reduced foot traffic and ongoing closures of company-operated and third-party stores in some markets, Levi Strauss said. Online sales rose 38%, partially offsetting the decline in brick-and-mortar store sales, the company said. Analysts polled by FactSet expected adjusted profit of 15 cents a share on sales of $1.34 billion. “We will double down on elevating our iconic brand, investing in direct engagement with our fans, advancing our fast-growing digital business and further diversifying our portfolio,” Chief Executive Chip Bergh said in a statement. “As we continue to accelerate these strategic focus areas, we will emerge a stronger, more profitable, more agile company.” The stock ended the regular trading day up 3%.

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