Despite improving from the company's fiscal fourth quarter, inventory at Levi's was still up 33% on a dollar basis in the first quarter.
Shares of Levi Strauss & Co. were plunging 14% Thursday after the company topped revenue and profit expectations for its latest quarter but continued to deal with high inventory levels.
Despite “meaningfully” improving from the company’s fiscal fourth quarter, inventory at Levi’s LEVI was still up 33% on a dollar basis in the first quarter and “remains an overhang” for the company, Stifel analyst Jim Duffy wrote after the report. Stifel’s Duffy noted that Levi’s “[c]ommentary calling for inventory to align with sales by year-end is a shift from prior commentary for inventory to normalize by [the fiscal second quarter].”Levi’s said Thursday it had net income of $115 million, or 29 cents a share, for its fiscal first quarter ending Feb. 26, down from $196 million, or 48 cents a share, in the year-earlier period. Adjusted earnings per share came to 34 cents, ahead of the 32-cent FactSet consensus.
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