Levi's stock collapses after disappointing sales – E24

The CFO believes people are generally cautious. – It is not necessarily the time when people buy a lot.

Levi's share has been very strong in 2024 so far, but in the second quarter sales revenue came in lower than analysts had previously expected.

After closing time on Wall Street on Wednesday, the pants manufacturer opened its accounting books for the second quarter:

• Sales revenues amounted to $1.44 billion, compared to the expected $1.45 billion.
• Earnings per share (EPS) were 16 cents, versus 11 cents expected.

So far this year, the stock has risen more than 40 percent, but was down 13 percent in after-market trading on Wednesday.

– We are satisfied with another strong quarter led by Levi's as an important brand at the center of culture, says Michele Gass, CEO of Levi Strauss, in a statement.

CFO Harmeet Singh links the disappointing sales figures to difficult currency conditions and declining sales of the Dockers model.

– People are generally cautious. He adds that this is not necessarily a time when people are buying a lot, people are being cautious CNBC.