Levi Strauss (NYSE:LEVI) earnings for the clothing company’s second quarter of 2020 have LEVI stock falling after-hours Tuesday. That’s despite its adjusted losses per share of 48 cents coming in above Wall Street’s estimate for a loss of 49 cents. Its revenue of $497.54 million also comes in above analysts’ estimates of $485.5 million.
Let’s take a closer look at the most recent Levi Strauss earnings report below.
- Adjusted per-share losses are a massive drop from its adjusted EPS of 17 cents from the same time last year.
- Revenue for the quarter comes in 62% lower than the $1.31 billion reported in the second quarter of 2019.
- Operating loss of $448.24 million is much worse year-over-year than an operating income of $62.9 million.
- The Levi Strauss earnings report also has it bringing in a net loss of $363.55 million.
- That’s a major decline compared to its net income of $28.51 million from the same period of the year prior.
Chip Bergh, president and CEO of Levi Strauss, said this about the earnings.
“We started the year with strong momentum, but the global pandemic and economic crises had a significantly negative impact on our second quarter results, as our stores and most wholesale doors were closed around the world for the majority of the quarter.”
Levi Strauss notes that it’s withdrawing its guidance put out earlier this year. It’s also not providing further guidance updates at this time. The novel coronavirus is the reason behind this decision.
LEVI stock was down almost 1% after markets closed on Tuesday and was down 4% at the end of normal trading hours.
As of this writing, William White did not hold a position in any of the aforementioned securities.