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Denim is having a moment with consumers, but it hasn’t led to a major sales boost at Levi Strauss.  The jeans creator on Wednesday posted fiscal second quarter revenue that fell just short of Wall Street’s expectations at a time when shoppers are stocking their wardrobes with denim dresses, skirts and ultra-low-rise baggy pants.  Levi’s posted better-than-expected earnings as its direct sales to consumers and cost cutting continue to bear fruit. The company raised its dividend by 8% to 13 cents per share, its first increase in six quarters. Still, shares fell about 12% in extended trading. Here’s how Levi’s performed during the quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: 16 cents adjusted vs. 11 cents expected Revenue: $1.44 billion vs. $1.45 billion expected The company’s reported net income for the three-month period that ended May 26 was $18 million, or 4 cents per share, compared with a loss of $1.6 million, or zero cents a share, a year earlier. Excluding one-time items, Levi’s posted earnings of $66 million, or 16 cents per share.  Sales rose to $1.44 billion, up about 8% from $1.34 billion a year earlier. However, the sales jump is coming off of an easier comparison. In the year-ago period, sales were down 9% after Levi’s shifted its wholesale shipments from its fiscal second quarter into its fiscal first quarter. The shift reduced sales last year by about $100 million, the company said previously. Excluding the shift, as well as the exit of Levi’s Denizen business, sales would have been up by about 1% in its most recent quarter compared to the year-ago period.  Finance chief Harmit Singh attributed the sales miss to unfavorable foreign exchange conditions and weak sales at Docker’s. During the quarter,…

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Filed under: News - @ June 26, 2024 9:26 pm