Levi Strauss & Co. (NYSE: LEVI) announced results for the third quarter of 2023, reporting a sharp fall in earnings and flat revenues.
The apparel company’s net income fell sharply to $9.6 million or $0.02 per share in the third quarter from $172.9 million or $0.43 per share in the prior year period. On an adjusted basis, net income was $112 million or $0.28 per share in Q3, compared to $161 million or $0.40 per share in the corresponding period of 2022.
The company reported net revenues of $1.51 billion for the August quarter, which is unchanged from the prior-year period. Direct-to-consumer net revenue increased 14%, driven by broad-based growth in both company-operated mainline and outlet stores and e-commerce.
“As we look longer term, we remain confident in our ability to achieve our goals given the global strength of the Levi’s brand, the momentum in our direct-to-consumer business globally, and the exceptional growth potential of our product portfolio and our international business,” said Levi’s CEO Chip Bergh.