Levi’s Q3 Sales Rise 5%, Announces Plans to Sell Struggling Dockers Brand
Levi Strauss & Co. reported a 5% rise in Levi’s brand sales during its fiscal third quarter, marking the largest gain in two years. Revenue fell short of expectations, but its earnings per share slightly exceeded analyst predictions. The company's Dockers brand continues to drag down overall performance, with sales dropping 15%. Levi’s announced plans to sell the struggling Dockers brand, launched in 1986 as an alternative to denim. CFO Harmit Singh stated the move will improve margins and reduce revenue volatility. Shares of Levi’s fell by more than 8% in extended trading following the news.
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00:00It's Benzinga, and here's what's on the block.
00:02Levi Strauss & Co. reported a 5% rise in Levi's brand sales during its fiscal third quarter,
00:08marking the largest gain in two years.
00:10Revenue fell short of expectations, but its earnings per share slightly exceeded analysts'
00:15predictions.
00:16The company's Dockers brand continues to drag down overall performance, with sales
00:20dropping 15%.
00:22Levi's announced plans to sell the struggling Dockers brand, which was launched in 1986,
00:26as an alternative to denim.
00:28GFFO Harmit Singh stated the move will improve margins and reduce revenue volatility.
00:33Shares of Levi's fell by more than 8% in extended trading following the news.
00:37For all things money, visit Benzinga.com.