The Levi’s Q2 2024 earnings are in with CEO Michelle Gass beating on EPS as she focuses on the women’s and DTC businesses.
& Co. in January, she did more than take over a jeans giant that was sharpening its focus on its direct-to-consumer and women’s businesses.
Second-quarter net income tallied $18 million, or 4 cents a diluted share, and compared with losses a year earlier of $2 million, or flat on a per share basis. per share rose to 16 cents, up from 4 cents a year earlier and 5 cents ahead of the 11 cents Wall Street analysts estimated, according to Yahoo Finance.
Revenues in the Americas grew 17 percent to $712 million, while Europe was down 2 percent to $354 million and Asia was off 1 percent to $260 million.Women’s was up 22 percent in Levi’s global DTC business, and up 30 percent in the U.S. Levi’s direct-to-consumer sales increased 8 percent in the quarter. And while wholesale sales grew by 7 percent, that number was boosted by an approximately $100 million shift in wholesale shipments due implementation of the companies’ enterprise resource planning system and also impacted by the exit of the Denizen business. Adjusting for those changes, wholesale sales fell 4 percent.
“Having said that, we’re going to narrow the gap,” he said. “We’re just getting better at being a retailer.” , that has Levi’s letting go of some of its owned and operated distribution facilities and working without side partners like GXO and Maersk for a more balanced approach.
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