Jim Cramer breaks down Levi's earnings report and what it could mean for apparel companies going forward.
After tanking 12% to finish the session at $20.82, the stock should have never climbed above its $22.22 opening trade price, even if the company has good management, he added. The jean company's U.S. sales climbed 1% during the quarter, but the wholesale business dropped 2%, and its guidance was "hideous," he noted..
In order to absorb some of the blow, Levi leadership could have preaanounced some of its struggles and give shareholders a primer of how it would bounce back, Cramer said. Still, the company is "foreshadowing what's going to happen to the entire apparel industry" where
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