Levi Strauss issued dismal guidance for its current fiscal year on Wednesday, as the denim maker grapples with unfavorable currency exchange rates, one fewer selling week and a loss in revenue from its Denizen and footwear businesses.Â
The company said it expects sales to decline between 1% and 2%, well behind estimates of 3.7% growth, according to LSEG.Â
It also anticipates adjusted earnings per share will be between $1.20 and $1.25, below estimates of $1.37, according to LSEG.Â
Shares fell about 6% in extended trading.
CEO Michelle Gass told CNBC the expected drop in revenue in the current fiscal year does not reflect slower demand, but is more due to the currency trends, one fewer fiscal week and the divested businesses.
Levi ended fiscal 2024 on a high note and reported earnings and sales that both topped expectations.Â
Here is how the apparel company fared during its fiscal fourth quarter compared with what Wall Street was…
