Levi Strauss on Thursday drastically cut its profit outlook for the year after the apparel retailer reported a steep drop off in wholesale revenues and soft sales in the U.S., its largest market.
The blue jean seller saw bright spots, however, in its direct-to-consumer sales and China market.
Shares dropped more than 6% in extended trading.
Here’s how the company did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: 4 cents, adjusted, vs. 3 cents expected
- Revenue: $1.34 billion vs. $1.34 billion expected
The company’s reported net loss for the three-month period that ended May 28 was $1.6 million, or…