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Levi Strauss is poised for continued outperformance, driven by robust sales momentum and a compelling valuation. LEVI's Q2 beat-and-raise, fueled by accelerated marketing and strong comparable sales growth, underpins my reiterated buy rating. The company's focus on its core brand, high-teens growth in value-oriented segments, and ~60% gross margins support a bullish thesis.

On Thursday, July 16, during the broadcast of Mad Money , Jim Cramer pushed back on the market's punishment of several blue-chip companies that just posted strong quarters.

Why Levi's Digital Strategy Is Paying Off in a Big WayLevi Strauss & Co. NYSE: LEVI reported stronger-than-expected fiscal second-quarter results and raised its full-year outlook, citing broad-based growth across channels, geographies, genders and product categories.

President and CEO Michelle Gass said the quarter showed that the company’s strategy to become a “DTC-first lifestyle company” is gaining traction. On an organic basis, net revenue rose 6% in the quarter, with direct-to-consumer revenue up 8% and comparable sales up 6%. Gass said the quarter marked the company’s 17th consecutive quarter of comparable sales growth.

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Levi Strauss Gains as DTC Continues to Fuel Revenue Growth“Quarter after quarter, our results demonstrate that our strategies are working and momentum is building,” Gass said.

Revenue Growth Led by DTC, Asia and Women’s The company said international markets continued to show momentum, with Asia revenue up 12% and the U.S. up 6%. Global wholesale increased 3%, led by strength in the U.S. wholesale channel.

Calvin Klein's Parent May Be the Market's Best BargainWomen’s remained a standout category, with revenue up 11% in the quarter. Gass said Levi’s gained market share in both men’s and women’s bottoms, supported by brand strength, marketing and product innovation.

Gass said the company’s push beyond denim bottoms contributed roughly one-third of top-line growth in the quarter. Bottoms revenue increased 6%, while tops were up 5%, or 7% excluding the impact of last year’s European distribution center transition. Shorts rose 11%, and white denim in women’s grew 70%.

The company highlighted continued demand for looser silhouettes, including the 501 ’90s for women and 501 Loose for men, while noting that core fits such as skinny, slim, boot cut and straight still make up the majority of the bottoms business.

Margins Improve Despite Tariff and Currency Pressure Chief Financial and Growth Officer Harmit Singh said reported net revenue increased 8%, while organic revenue rose 6%, despite a two-point drag tied to last year’s European distribution center transition. Gross margin expanded 10 basis points to 62.7%, helped by lower product costs and pricing actions, while tariffs and foreign exchange were headwinds.

Adjusted SG&A increased 6.5%, primarily due to higher selling expenses and unfavorable foreign exchange, but leveraged 80 basis points as a percentage of revenue. Adjusted EBIT margin expanded 70 basis points to 9%, while adjusted EBIT dollars grew 18%. Adjusted diluted earnings per share were $0.28, up 27% from a year earlier and ahead of guidance.

Inventory ended the quarter down 7%, and adjusted free cash flow increased nearly 60% year over year to $231 million. Singh said the company is increasing its third-quarter dividend by $0.02 to $0.16 per share.

Full-Year Outlook Raised for Second Consecutive Quarter Levi Strauss raised its fiscal 2026 outlook, with Singh saying the company is “passing the entire Q2 beat” into full-year guidance. The company now expects reported net revenue to increase 7% to 7.5% and organic net revenue to rise 5.5% to 6%.

The company raised its adjusted diluted EPS outlook to a range of approximately $1.46 to $1.52, up from its prior range of $1.42 to $1.48. Gross margin is expected to expand approximately 10 basis points for the full year, while adjusted EBIT margin is expected to be 12%.

The guidance assumes incremental U.S. tariffs of 30% on imports from China and 20% on imports from the rest of the world. Singh said the guidance does not include any potential benefit from tariff refunds, which total approximately $80 million paid to date.

For the third quarter, the company expects reported and organic net revenue to increase 4% to 5%, with adjusted diluted EPS of approximately $0.34 to $0.36.

Regional Performance and Infrastructure Updates By segment, the Americas delivered 7% growth, with the U.S. up 5% on momentum in both DTC and wholesale. Europe declined 1% in the quarter due to last year’s distribution center transition, but first-half revenue grew mid-single digits. Singh said Europe’s DTC business grew 7%, and the company is encouraged by high single-digit wholesale pre-order growth for the second half.

Asia revenue increased 12%, with double-digit growth in both DTC and wholesale. Singh said performance was strong across markets, and Gass noted progress in China under new leadership.

The company also provided updates on operational initiatives. Singh said Levi Strauss completed the remap of Europe to an omnichannel distribution network, consolidating e-commerce fulfillment into distribution centers in Germany and the U.K. In the U.S., the company remains on track to transition its Hebron distribution center to Maersk by the beginning of the fourth quarter.

Levi Strauss also migrated Asia and Beyond Yoga onto its new global ERP platform, following North America. Europe and the remaining Latin American countries are expected to move to the platform by mid-2027. Singh said the ERP system is intended to unlock better data access, faster decision-making and the ability to scale AI and automation.

Management Cites Brand Momentum and Consumer Resilience During the call, Gass emphasized marketing initiatives including the company’s “Behind Every Original” campaign and collaborations tied to music, sports and fashion. She also discussed the company’s soccer-related product collaborations and a viral marketing moment involving Levi’s Stadium, which she said generated approximately 1 billion press impressions.

Beyond Yoga revenue rose 16%, led by e-commerce. Gass said the brand is expanding beyond traditional activewear into lifestyle categories such as casual pants, travelwear, linen, tops, sweaters and dresses. She said the company has fewer than 20 Beyond Yoga stores and is still learning from that format.

In response to analyst questions, management said the consumer remains resilient across value, core and premium price points. Signature, the company’s value-focused brand, grew at a low single-digit rate in the quarter and 9% in the first half. Gass said the company expects Signature to accelerate in the second half.

Singh said two-thirds of second-quarter revenue growth came from units and one-third from average unit retail, with the company expecting a more balanced contribution for the full year. He cited full-price selling, DTC growth, premium offerings such as Blue Tab and women’s category expansion as factors supporting average unit retail growth.

Gass said the company remains optimistic about the denim category and its broader move into head-to-toe denim lifestyle offerings. “We have more ways to win than we’ve ever had,” she said.

About Levi Strauss & Co. NYSE: LEVILevi Strauss & Co is a global apparel company best known for its denim jeans and casual wear. Founded in 1853 in San Francisco by Bavarian immigrant Levi Strauss, the company pioneered the modern blue jean with the introduction of rivet-reinforced work pants. Over its more than 160-year history, Levi Strauss has evolved into a lifestyle brand, offering a broad portfolio that includes denim for men, women and children, as well as tops, outerwear, footwear and accessories.

The company's flagship label, Levi's®, is recognized worldwide for its iconic styles such as the 501® Original Fit Jeans, while additional brands, including Dockers®, Target core metric, and Denizen® by Levi's, cater to diverse price points and consumer segments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Levi Strauss & Co. Right Now?Before you consider Levi Strauss & Co., you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Levi Strauss & Co. wasn't on the list.

While Levi Strauss & Co. currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

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Levi’s NYSE: LEVI turnaround story is one that could be written about in books. The company, an endearing, entrenched, iconic legacy brand, has embraced the modern era, delved deeply into technological advancement, and is now experiencing a virtuous cycle tied to AI.

Levi Strauss & Co. Today

LEVI

Levi Strauss & Co.

$24.61 +0.24 (+0.98%)

As of 01:13 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$17.72▼

$25.58Dividend Yield2.27%

P/E Ratio15.70

Price Target$27.21

Indeed, Levi’s is now a retail AI story, as its direct-to-consumer (DTC) shift not only improved sales and margins but also enabled proprietary data, driven by a solid eCommerce presence, and data is what AI is all about.

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Now, Levi’s is capitalizing on its growing data set, strengthening its network as it leans into higher-margin business, loyalty membership, and comp store growth.

To fully comprehend the change, investors must consider where Levi’s was. Struggling with in-store merchandising and an obvious wholesaling failure, Levi's made the DTC shift, which unlocked a retail bottleneck.

Consumers who wanted Levi’s products couldn’t easily find them at 3rd-party retailers; DTC solved the issue.

With control over its stores, Levi’s can ensure product and merchandising quality while also realizing higher retail margins. Within that, digitalization enabled not only data collection but also full-scale merchandising—consumers no longer have to dig through a pile of messy, picked-through jeans to find the style and size they need; they are now within easy reach. And the impact on the business has been staggering.

Levi Strauss Accelerates Turnaround With Beat-and-Raise QuarterLevi Strauss posted a solid Q2, with revenue up 8% to $1.56 billion. This was an acceleration over the prior year, outperforming consensus by more than 540 basis points (bps) on strength across all markets, channels, and categories. DTC grew by 11%, underpinned by eCommerce, while wholesale grew at a more modest pace. Worth more than 50% of the revenue, DTC's growth was driven by a 6% comp and a 19% increase in eCommerce. Regionally, the Americas were strongest at up 9%, underpinned by a 5% gain in the U.S., while Asia grew by 10% and Europe by 4%.

Margin was another strength driven by the DTC business. The company posted improvements at the gross and operating levels, driving a 35 bps improvement in operating margin and a 70 bps gain in adjusted earnings before interest and taxes (EBIT). Bottom-line results reflect strength, with adjusted earnings per share (EPS) up 27% year over year (YOY) to 28 cents, 4 cents above MarketBeat’s reported analyst consensus.

As good as the Q2 results were, it is the guidance that will keep Levi’s market advancing this year. The company increased its targets for revenue, margin, and earnings, lifting the high ends and tightening the ranges.

Levi’s guidance aligns with consensus forecasts, affirming confidence, and is likely to be cautious. CEO Michelle Gass says the company is in the earliest phases of its DTC growth and has more ways to win than ever, including a larger addressable market.

Levi’s Raises Dividend, Signaling Confidence in OutlookLevi’s solid Q2 report was accompanied by a 14% increase in the dividend distribution. While the increase was not unexpected, the size was above average, signaling confidence in the outlook. Investors should consider distribution safety, which ranks well with a payout ratio below 40% and a robust growth trajectory. Future increases may not be as large but are likely, as are share buybacks. Q2 activity, including the impact of an accelerated share repurchase authorization, reduced the count by an average of 2.35%.

Overall MarketRank™94th Percentile

Analyst RatingModerate Buy

Upside/Downside9.6% Upside

Short Interest LevelHealthy

Dividend StrengthModerate

News Sentiment0.27 Insider TradingSelling Shares

Proj. Earnings Growth11.26%

See Full Analysis

Analysts responded optimistically but noted that the guidance failed to impress. Although solid in light of past results, analysts had hoped for more, setting the stage for a stock price correction. In this scenario, Levi’s may see a post-release stock price pullback, potentially moving as low as $22, but in the longer term, the forecasts remain very bullish.

The consensus of 16 analysts tracked by MarketBeat is a Moderate Buy, with an 81% Buy-side bias; no Sell ratings are tracked, and price targets have been rising. Consensus, which was up 35% YOY ahead of the release, forecasts a modest double-digit increase relative to the pre-release closing price, with the high end pointing to a fresh all-time high.

Institutional activity suggests the downside risks are limited as of early July. While the trailing 12-month activity includes significant selling in prior quarters, the balance reverted to accumulation in Q2 and has sustained a robustly bullish pace in early Q3, suggesting the Q2 strength was anticipated. The likely outcome is that any post-release price pullback will trigger more buying, underpinning technical support for this market. Levi’s biggest risks include tariff uncertainty and foreign exchange headwinds, but the company appears to be navigating the environment well.

Should You Invest $1,000 in Levi Strauss & Co. Right Now?Before you consider Levi Strauss & Co., you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Levi Strauss & Co. wasn't on the list.

While Levi Strauss & Co. currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

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Levi Strauss & Co (NYSE:LEVI) reported second quarter results that topped Wall Street expectations, driven by higher revenue and earnings, while raising its full-year revenue and earnings guidance and increasing its quarterly dividend.

The apparel company reported adjusted earnings of $0.28 per diluted share for the quarter ended May 31, ahead of analysts' expectations of $0.24.

Revenue rose 8% year over year to $1.56 billion, exceeding the consensus estimate of $1.52 billion. On an organic basis, net revenue increased 6%.

Operating margin improved to 7.8% from the prior year, while adjusted EBIT margin expanded 70 basis points to 9.0%. Diluted earnings per share from continuing operations increased 20% year over year to $0.24, and adjusted diluted EPS rose 27% to $0.28.

Levi’s CEO Michelle Gass said the brand continued to gain traction with consumers as the company executed its strategy to expand its direct-to-consumer business and broader lifestyle offerings.

“While we are pleased with the progress, we are still in the early stages of our long-term growth journey, with more ways to win than ever before,” Gass said.

During the quarter, direct-to-consumer revenue increased 11% on a reported basis, with e-commerce sales rising 19%. DTC represented 51% of total net revenue in the quarter. Wholesale revenue increased 5%.

By region, revenue increased 9% in the Americas, 4% in Europe on a reported basis, and 10% in Asia. Beyond Yoga revenue grew 16%.

Following its first-half performance, Levi Strauss raised its fiscal 2026 outlook. The company now expects reported net revenue growth of 7.0% to 7.5%, up from its previous forecast of 5.5% to 6.5%, and organic revenue growth of 5.5% to 6%, compared with prior guidance of 4.5% to 5.5%.

The company also increased its adjusted diluted EPS forecast to a range of $1.46 to $1.52 from its previous outlook of $1.42 to $1.48.

It now expects gross margin to improve by up to 10 basis points year over year while maintaining its expectation for an adjusted EBIT margin of approximately 12%.

Levi Strauss said its guidance assumes US tariffs on imports from China remain at 30% and tariffs on imports from the rest of the world remain at 20%.

Shares of Levi Strauss were up 1% following the report. 

July 9, 2026 Wednesday's MarketsS&P 500
7,483 (-0.28%)Nasdaq
25,871 (+0.20%)Dow
52,348 (-1.09%)Bitcoin
$62,163 (-2.53%)

Source: Image created by Jester AI.

1. AZN Sinks as Heart Drug Fails Test Target AstraZeneca (AZN 1.92%) fell over 8% ahead of the opening bell after a late-stage clinical trial for its heart disease drug Wainua failed to meet its target, with the stock down on the potential impact it could have on profitability.

Wainua "did not provide a statistically significant benefit": The drug is designed to help a condition that affects between 300,000 and 500,000 people globally, and marks the second recent setback for the Team Rule Breakers recommendation following the approval delay from U.S. regulators for a new cancer treatment back in May. The drugmaker reported 16 positive late-stage trial results last year: In November, Fool analysts including Asit Sharma, Karl Thiel, and Jason Moser explained the business "wants to get even further ahead," and said there's the "potential for quantum computing and other technological innovation to have a massive positive impact on drug development." 2. Diverging Earnings Reaction From LEVI, PSMT, and AZZ Levi Strauss (LEVI 1.18%) dropped around 6% before the market opened despite quarterly revenue and earnings beating expectations, as the full-year revenue guidance increase didn't impress investors enough, with some concern around tariffs and costs going forward. PriceSmart (PSMT 1.48%) was little changed ahead of the opening bell following a mixed bag of results. Earnings per share missed consensus, but investor sentiment was boosted with plans for global expansion into Chile. AZZ (AZZ 0.31%) popped almost 8% in pre-market trading thanks to results showing high industrial demand for metal coatings. The Team Hidden Gems recommendation also raised the full-year outlook.

3. Fed Minutes Unveil Rate Divisions

The Federal Reserve's June meeting minutes revealed policymakers entertained different scenarios for interest rates going forward, although ambiguity around the competing views meant the immediate impact on the stock market was muted.

"Participants noted that their future policy actions would depend on incoming information": Voting members noted the risks of higher inflation, but balanced this with the need to monitor the impact of the situation in the Middle East for any easing in energy price disruption. 14-page meeting summary shorter than typical release: In line with new Fed Chair Warsh's statement that Fed officials should communicate less about future policy intentions, the meeting minutes were balanced without providing more guidance than previously offered. 4. SK Hynix Draws Giant U.S. ADR Demand Bloomberg reports the U.S. listing for Korean memory chipmaker SK Hynix is more than seven times oversubscribed, as the offering could be set to rank among the largest ever debuts by a foreign company.

High institutional demand noted: The listing, via American depositary receipts (ADRs), has attracted a lot of interest from sovereign wealth funds and more traditional asset managers who will be able to get exposure more easily in a U.S. marketplace. The offering could raise about $24.5 billion: Based on Bloomberg calculations, the share equivalent of the ADR means the funds raised would rank second only to the $25 billion raised by Alibaba (BABA +10.96%) back in 2014. 5. Today's Take: Credit Where It's Due

I like how Carol Tomé, the CEO of UPS (UPS 1.80%), thinks about it. She has said she wants her legacy judged by the leadership team she leaves behind when she retires. Valuations and market cycles are largely outside a CEO's control. The people and culture they build are not.-- Anthony Schiavone

The founder who is responsible for the company's product, brand, and vision is immensely responsible for success. A CEO who creates a new vision and turns a company around is a massive contributor. But there are also cases where a business thrives or survives in spite of its leadership, simply because the product is so important or because the environment is easy to navigate.-- Alicia Alfiere Team Rule Breakers

6. Your Take Which, if any, positions have you sold all or some of from your portfolio in the last month, and why?

Share with friends and family, or become a member to hear what your fellow Fools are saying!

This image and article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends AstraZeneca Plc, Azz, and United Parcel Service. The Motley Fool recommends Alibaba Group. The Motley Fool has a disclosure policy.

Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) has identified extensive copper mineralisation within the historical waste dump at its Nifty Copper Complex in Western Australia, pointing to a potential new feed source for the company’s phased copper cathode restart strategy.

The copper developer said a recent reverse circulation drilling program had targeted visible copper mineralisation in the waste dump next to the historical oxide open pit, with metallurgical test work now planned to assess mineralisation characteristics and leaching performance.

Strong shallow copper hits Drilling returned multiple shallow oxide copper intersections from surface, including 9 metres at 1.00% copper from 0 metres, including 4 metres at 1.83% copper from 2 metres in hole 26NFLG050.

Other key results included 7 metres at 1.11% copper from surface, including 3 metres at 1.55% copper from 2 metres in 26NFLG060; 9 metres at 0.80% copper from surface, including 2 metres at 1.56% copper from 5 metres in 26NFLG021; and 7 metres at 1.03% copper from surface, including 3 metres at 1.71% copper from 1 metre in 26NFLG049.

The main mineralised zone has so far been defined over an area of 750 metres by 250 metres, with Cyprium expecting extensions to the mineralisation. Further drilling will be required to define and infill the zone, while scout drilling has also identified oxide copper intersections requiring follow-up across the broader waste dump.

Main mineralised zone within the Nifty waste dump with key intersections.

Potential feed source for Nifty restart The results are significant because the waste dump sits around 1.2 kilometres from existing heap leach pads via existing haul roads, giving Cyprium a potential above-ground, low-cost oxide copper feed source for the refurbished heap leach and solvent extraction-electrowinning, or SXEW, plant.

The Nifty open pit operated between 1993 and 2003, when material was processed through heap leach and SXEW at copper prices below US$1 per pound. Cyprium said historical mining records are largely absent, but visible copper mineralisation is apparent across large sections of the waste dump.

A total of 133 RC holes for 2,697 metres were drilled in the central waste dump area, with holes completed on a 40-metre by 40-metre grid and infilled to 20 metres by 20 metres in the central area. The program intersected extensive copper oxide mineralisation throughout.

 Near surface oxides and mineralised zones within the waste dump have potential to support additional cathode production capacity.

Management sees value in historical material Cyprium executive chairman Matt Fifield said defining mineralised zones within the historical waste dump was “another great example” of the positive outcomes emerging as site work advanced.

“What was set aside in the 1990s as being waste or low grade is now potentially economic – no different to our open pit that has a 0.9% Reserve grade or nearly twice what is often being advanced in greenfield developments today,” Fifield said.

“We’re bringing 2026 market conditions, mechanical horsepower and technology to 1993 geology. Those combinations are helping to build the foundation of Australia’s next great copper company.”

What’s ahead Cyprium will now focus on further drilling in the core waste dump area, where the limits of mineralisation remain undefined, as well as follow-up drilling around mineralisation identified in scout holes.

The company also plans to engage an external technical consultant to prepare a maiden Mineral Resource Estimate for the waste dump mineralised zones, while initial metallurgical test work will assess ore sorting and acid leachability.

About Cyprium and Nifty Cyprium is focused on the phased restart of the Nifty Copper Complex in WA’s Paterson province, about 350 kilometres southeast of Port Hedland. Its Phase 1 Cathode Restart involves re-leaching existing above-ground heap leach pads and refurbishing the SXEW plant to support an initial production capacity of about 6,000 tonnes per annum of copper cathode.

The company is also evaluating opportunities to expand cathode production, including shallow oxide material in the open pit, mineralised zones within the waste dump and the potential to recover copper from existing pads at a higher rate.

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For the quarter ended May 2026, Levi Strauss (LEVI - Free Report) reported revenue of $1.56 billion, up 8% over the same period last year. EPS came in at $0.28, compared to $0.22 in the year-ago quarter.

The reported revenue represents a surprise of +2.52% over the Zacks Consensus Estimate of $1.52 billion. With the consensus EPS estimate being $0.24, the EPS surprise was +16.67%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Levi Strauss performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Geographic Revenues- Americas: $815 million versus $785.03 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +9% change.Geographic Revenues- Beyond Yoga: $43 million compared to the $39.46 million average estimate based on four analysts.Geographic Revenues- Asia: $284 million versus the four-analyst average estimate of $275.26 million. The reported number represents a year-over-year change of +10.1%.Geographic Revenues- Europe: $420 million compared to the $423.58 million average estimate based on four analysts. The reported number represents a change of +4.2% year over year.Total Levi?s Brands Net Revenues: $1.52 billion versus $1.48 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +7.8% change.View all Key Company Metrics for Levi Strauss here>>>

Shares of Levi Strauss have returned +4.6% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

SAN FRANCISCO--(BUSINESS WIRE)--Levi Strauss & Co. (NYSE: LEVI) today announced financial results for the second quarter ended May 31, 2026.

“The Levi’s® brand is connecting with consumers around the world in more powerful ways than ever before, and our Q2 results are another proof point that our strategies are working and our team is executing,” said Michelle Gass, President and CEO of Levi Strauss & Co. “Our evolution into a DTC-first, denim lifestyle company—with a much larger addressable market—is translating to faster growth and higher profitability. While we are pleased with the progress, we are still in the early stages of our long-term growth journey, with more ways to win than ever before.”

“We delivered another strong quarter driven by broad-based growth across markets, channels and categories,” said Harmit Singh, Chief Financial and Growth Officer of Levi Strauss & Co. “That growth translated into higher profitability through gross margin expansion and disciplined SG&A leverage, demonstrating the strength and scalability of our operating model. Given our strong first-half results, we are passing through our full Q2 beat and raising our full-year guidance. We are also increasing our dividend, reflecting confidence in the strength of our business, our cash flow generation and our ability to create long-term shareholder value.”

Financial Highlights for the Second Quarter

Net Revenues of $1.6 billion increased 8% on a reported basis and 6% on an organic basis versus Q2 2025. In the Americas, net revenues increased 9% on a reported basis and increased 7% on an organic basis. Within the Americas, the U.S. increased 5% on a reported basis. In Europe, net revenues increased 4% on a reported basis and decreased 1% on an organic basis entirely due to the impact of the company’s distribution center transition last year which resulted in a shift of shipments from Q1 2025 into Q2 2025. H1 2026 net revenues increased 14% on a reported basis and 5% on an organic basis. In Asia, net revenues increased 10% on a reported basis and 12% on an organic basis. Beyond Yoga® increased 16% on a reported and organic basis. DTC (Direct-to-Consumer) net revenues increased 11% on a reported basis and 8% on an organic basis. DTC growth on a reported basis reflected a 5% increase in the U.S., a 12% increase in Europe and a 12% increase in Asia. DTC growth on an organic basis reflected a 7% increase in Europe and a 12% increase in Asia. Net revenues from e-commerce grew 19% on a reported basis and 17% on an organic basis. DTC comparable sales growth was 6%. DTC comprised 51% of total net revenues in the second quarter. Wholesale net revenues increased 5% on a reported basis and 3% on an organic basis. Net Revenues

Operating Income (loss)

Three Months Ended

Increase

(Decrease)

As

Reported

Increase

(Decrease)

Organic

Net Revenues

Three Months Ended

Increase

(Decrease)

As

Reported

($ millions)

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

Americas

$

815

$

748

9

%

7

%

$

164

$

153

7

%

Europe

$

420

$

403

4

%

(1

)%

$

89

$

69

28

%

Asia

$

284

$

258

10

%

12

%

$

43

$

30

44

%

Beyond Yoga®

$

43

$

37

16

%

16

%

$

(2

)

$

(4

)

47

%

___________

Operating margin was 7.8% in Q2 2026 compared to 7.5% in Q2 2025. Adjusted EBIT margin was 9.0% in Q2 2026 compared to 8.3% in Q2 2025. Gross margin expanded 10 basis points to 62.7%, driven by lower product costs and pricing actions. Tariffs and foreign exchange were a headwind in the quarter. Selling, general and administrative expenses (SG&A) were $843 million compared to $791 million in Q2 2025. Adjusted SG&A was up 6.5% to $838 million compared to $787 million last year primarily due to higher selling expenses and foreign exchange. Interest and other income (expense), net, which includes foreign exchange gains and losses, were zero in the aggregate in Q2 2026 and expenses of $6 million in the aggregate in Q2 2025. The effective income tax rate was 22.4%, compared to 22.3% in Q2 2025. Net income from continuing operations was $95 million compared to $80 million in Q2 2025. Adjusted net income was $110 million compared to $89 million in Q2 2025. Diluted earnings per share from continuing operations was $0.24 compared to $0.20 in Q2 2025. Adjusted diluted earnings per share was $0.28 compared to $0.22 in Q2 2025. Highlights include:

Three Months Ended

% Increase

As

Reported

% Increase

Organic

Net Revenues

Six Months Ended

% Increase

As

Reported

% Increase

Organic

Net Revenues

($ millions)

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

Net revenues

$

1,562

$

1,446

8%

6%

$

3,305

$

2,973

11%

8%

DTC Comparable Sales Growth

6%

+

*

*

*

*

*

*

Three Months Ended

Increase

As

Reported

Increase

(Decrease)

Constant

Currency

Six Months Ended

Increase

As

Reported

Increase

(Decrease)

Constant

Currency

($ millions, except per-share amounts)

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

Net income from continuing operations

$

95

$

80

19%

*

$

272

$

220

24%

*

Adjusted net income

$

110

$

89

24%

21%

$

277

$

239

16%

12%

Adjusted EBIT

$

141

$

119

18%

13%

$

359

$

323

11%

4%

Diluted earnings per share from continuing operations

$

0.24

$

0.20

4 ¢

*

$

0.69

$

0.55

14 ¢

*

Adjusted diluted earnings per share

$

0.28

$

0.22

6 ¢

5 ¢

$

0.70

$

0.60

10 ¢

8 ¢

Additional information regarding DTC Comparable sales growth, a key metric, is provided at the end of this press release.

Additional information regarding Adjusted SG&A, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income, Adjusted diluted earnings per share, Adjusted free cash flow, as well as amounts presented on an organic net revenues basis and constant currency basis, all of which are non-GAAP financial measures, is provided at the end of this press release.

Balance Sheet Review as of May 31, 2026

Cash and cash equivalents were $849 million, while total liquidity was approximately $1.8 billion. Total inventories decreased 7% on a dollar basis compared to Q2 2025. Shareholder Returns

In the second quarter, the company returned $53.9 million in the form of dividends to shareholders, a 5% increase over prior year, representing a dividend of $0.14 per share. The $200 million accelerated share repurchase program launched in the first quarter of 2026 is expected to be settled in the third quarter.

As of May 31, 2026, the company had $240 million remaining under its current share repurchase authorization, which has no expiration date.

The company declared a dividend of $0.16 per share, a 14% increase over prior year, totaling approximately $62 million, payable in cash on August 5, 2026 to the holders of record of Class A common stock and Class B common stock at the close of business on July 22, 2026.

Fiscal 2026 Guidance

Guidance for 2026 is based on continuing operations, reflecting the Dockers® business being reported in discontinued operations. Guidance assumes U.S. tariffs on imports from China remain at 30% and Rest-of-World at 20%.

The following guidance is provided for the year ending November 29, 2026:

Metric

Updated FY 2026 Guidance

Previous FY 2026 Guidance

Reported net revenues growth

Raised to 7.0% to 7.5%

5.5% to 6.5%

Organic net revenues growth

Raised to 5.5% to 6.0%

4.5% to 5.5%

Gross margin

Raised to up 10 basis points to prior year

Flat to slightly up to prior year

Adjusted EBIT margin

Expanding to 12%, up 60 basis points to prior year

Expanding to approximately 12%

Tax rate

Approximately 23%, 2 points higher than prior year

Approximately 23%, 2 points higher than prior year

Adjusted diluted EPS

Raised to $1.46 to $1.52

This includes an approximate $0.04 headwind from a higher tax rate

$1.42 to $1.48

This includes an approximate $0.04 headwind from a higher tax rate

This outlook also assumes no significant worsening of macro-economic pressures on the consumer, inflationary pressures, supply chain disruptions, potential tariffs or currency fluctuations. A reconciliation of non-GAAP forward looking information to the corresponding GAAP measures cannot be provided without unreasonable efforts due to the challenge in quantifying various items including but not limited to, the effects of foreign currency fluctuations, taxes, potential tariffs and rebates, and any future restructuring, restructuring-related, severance and other charges.

Investor Conference Call

To access the conference call, please pre-register on https://register-conf.media-server.com/register/BIaa579b9dc68f4e8b85f3a07e93aae5b8 and you will receive confirmation with dial-in details. A live webcast of the event can be accessed on https://edge.media-server.com/mmc/p/kopa6vxc.

A replay of the webcast will be available on http://investors.levistrauss.com starting approximately two hours after the event and archived on the site for one quarter.

About Levi Strauss & Co.

Levi Strauss & Co. (LS&Co.) is one of the world's largest brand-name apparel companies and a global leader in jeanswear. The company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi's®, Levi Strauss Signature™, and Beyond Yoga® brands. Its products are sold in approximately 120 countries worldwide through a combination of chain retailers, department stores, online sites, and a global footprint of approximately 3,300 retail stores and shop-in-shops. Levi Strauss & Co.'s reported 2025 net revenues were $6.3 billion. For more information, go to http://levistrauss.com, and for financial news and announcements go to http://investors.levistrauss.com.

Forward-Looking Statements

This press release and related conference call contains, in addition to historical information, forward-looking statements, including statements related to: future financial results, including the company’s expectations for the full fiscal year 2026 net revenues (both reported and on an organic net revenues basis), gross margin, adjusted EBIT margins, adjusted SG&A, adjusted diluted earnings per share and effective tax rate; business and market outlook; consumer preferences; progress against strategic priorities; the ongoing restructuring of our operations and our ability to achieve any anticipated cost savings associated with such restructuring; trajectory of direct-to-consumer business; macroeconomic conditions, including impacts of and uncertainties around U.S. tariffs and potential rebates and any additional retaliatory measures by impacted exporting countries; impacts of foreign currency exchange; capital expenditures; pricing initiatives; inventory growth; new store openings; investments in high growth initiatives; future dividend payments and share repurchases; and efforts to diversify product categories and distribution channels, and the related revenue projections. The company has based these forward-looking statements on its current reasonable assumptions, expectations and projections about future events. Words such as, but not limited to, “believe,” “will,” “may,” “so we can,” “when,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “could” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessary estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties, some of which are beyond our control, that could cause actual results to differ materially from those suggested by the forward-looking statements. Investors should consider the information contained in the company's filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for fiscal 2025, especially in the “Management's Discussion and Analysis of Financial Condition and Results of Operations”, “Summary of Risk Factors” and “Risk Factors” sections, and its Quarterly Report on Form 10-Q for the quarter ended May 31, 2026, especially in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, section. Other unknown or unpredictable factors also could have material adverse effects on future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release and related conference call may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated or, if no date is stated, as of the date of this press release and related conference call. The company is not under any obligation and does not intend to update or revise any of the forward-looking statements contained in this press release and related conference call to reflect circumstances existing after the date of this press release and related conference call or to reflect the occurrence of future events, even if such circumstances or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.

Key Metrics

DTC Comparable sales growth is used by management to evaluate the performance of our existing Levi’s® brand company owned and operated mainline and outlet store base and owned digital channels by measuring year‑over‑year changes in net revenues for stores open for at least 12 full fiscal months, excluding the effects of changes in our store portfolio and other events that materially affect comparability such as significant relocations, or expansions and remodels. In fiscal years with 53 weeks, the impact of the additional week is excluded, and prior‑year periods are adjusted as necessary to align comparable weeks. DTC Comparable sales growth is presented on a constant currency basis and is intended as a supplemental operating metric, which may not be comparable to similarly titled measures used by other companies.

Non-GAAP Financial Measures

The company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP) and the rules of the SEC. To supplement its financial statements prepared and presented in accordance with GAAP, the company uses certain non-GAAP financial measures, such as Adjusted SG&A, Adjusted SG&A margin, Adjusted EBIT (both reported and on a constant-currency basis), Adjusted EBIT margin (both reported and on a constant-currency basis), Adjusted EBITDA, Adjusted net income (both reported and on a constant-currency basis), Adjusted diluted earnings per share (both reported and on a constant-currency basis), organic net revenues, Adjusted free cash flow, and return on invested capital to provide investors with additional useful information about its financial performance, to enhance the overall understanding of its past performance and future prospects and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. The tables found below present Adjusted SG&A, Adjusted SG&A margin, Adjusted EBIT (both reported and on a constant-currency basis), Adjusted EBIT margin (both reported and on a constant-currency basis), Adjusted EBITDA, Adjusted net income (both reported and on a constant-currency basis), Adjusted diluted earnings per share (both reported and on a constant-currency basis), organic net revenues, Adjusted free cash flow, and return on invested capital and corresponding reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Certain items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the company’s financial position, results of operations and cash flows and should therefore be considered in assessing the company’s actual financial condition and performance. Non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgment by management in determining how they are formulated. Some specific limitations include but are not limited to, the fact that such non-GAAP financial measures: (a) do not reflect cash outlays for capital expenditures, contractual commitments or liabilities including pension obligations, post-retirement health benefit obligations and income tax liabilities; (b) do not reflect changes in, or cash requirements for, working capital requirements; and (c) do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on indebtedness. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. As a result, non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the company's financial results prepared in accordance with GAAP. The company urges investors to review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate its business. See “RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES” below for reconciliation to the most comparable GAAP financial measures. A reconciliation of non-GAAP forward-looking information to the corresponding GAAP measures cannot be provided without unreasonable efforts due to the challenge in quantifying various items including but not limited to, the effects of foreign currency fluctuations, taxes, and any future restructuring, restructuring-related, severance and other charges.

Organic Net Revenues and Constant-Currency

The company reports net revenues in accordance with GAAP, as well as on an organic net revenues basis in order to facilitate period-to-period comparisons of our revenues which excludes the impact of fluctuating foreign currency exchange rates from the change in reported net revenues, net revenues derived from business acquisitions, divestitures or wind downs impacting the comparable reporting date and the estimated impact of any 53rd week. The company reports certain operating results in accordance with GAAP, as well as on a constant-currency basis in order to facilitate period-to-period comparisons of its results without regard to the impact of fluctuating foreign currency exchange rates. These measures exclude the results of our Dockers® business, which is classified as discontinued operations.

The term foreign currency exchange rates refers to the exchange rates used to translate the company's operating results for all countries where the functional currency is not the U.S. Dollar into U.S. Dollars. Because the company is a global company, foreign currency exchange rates used for translation may have a significant effect on its reported results. In general, the company's financial results are affected positively by a weaker U.S. Dollar and are affected negatively by a stronger U.S. Dollar as compared to the foreign currencies in which it conducts its business. References to operating results on a constant-currency basis mean operating results without the impact of foreign currency translation fluctuations.

The company calculates constant-currency amounts by translating local currency amounts in the prior-year period at actual foreign currency exchange rates for the current period. Constant-currency results do not eliminate the transaction currency impact, which primarily includes the realized and unrealized gains and losses recognized from the measurement and remeasurement of purchases and sales of products in a currency other than the functional currency and of forward foreign exchange contracts.

The company believes disclosure of organic net revenues and Adjusted EBIT constant-currency, Adjusted EBIT Margin constant-currency and Adjusted Net Income constant-currency results is helpful to investors because it facilitates period-to-period comparisons of its results by increasing the transparency of the underlying performance by excluding the impact of fluctuating foreign currency exchange rates. However, organic net revenues and constant-currency results are non-GAAP financial measures and are not meant to be considered in isolation or as a substitute for comparable measures prepared in accordance with GAAP. Organic net revenues and constant-currency results have no standardized meaning prescribed by GAAP, are not prepared under any comprehensive set of accounting rules or principles and should be read in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. Organic net revenues and constant-currency results have limitations in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.

Source: Levi Strauss & Co. Investor Relations

  LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

  (Unaudited)

May 31,
2026

November 30,
2025

(Dollars in millions)

ASSETS

Current Assets:

Cash and cash equivalents

$

849.3

$

757.9

Short-term investments in marketable securities

128.5

90.9

Trade receivables, net

586.2

774.7

Inventories

1,157.6

1,237.7

Other current assets

245.3

238.5

Current assets held for sale

—

54.0

Total current assets

2,966.9

3,153.7

Property, plant and equipment, net

659.8

681.8

Goodwill

282.0

280.6

Other intangible assets, net

192.8

194.4

Deferred tax assets, net

839.9

830.1

Operating lease right-of-use assets, net

1,141.3

1,148.2

Other non-current assets

544.8

538.7

Non-current assets held for sale

—

21.3

Total assets

$

6,627.5

$

6,848.8

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

$

598.5

$

597.6

Accrued salaries, wages and employee benefits

192.9

244.7

Accrued sales returns and allowances

190.8

226.1

Short-term operating lease liabilities

268.3

260.7

Other accrued liabilities

602.7

703.4

Total current liabilities

1,853.2

2,032.5

Long-term debt

1,043.0

1,039.2

Long-term operating lease liabilities

984.3

1,005.6

Long-term employee related benefits

244.3

252.7

Other long-term liabilities

230.3

240.2

Total liabilities

4,355.1

4,570.2

Commitments and contingencies

Stockholders’ Equity:

Common stock — $0.001 par value; 1,200,000,000 Class A shares authorized, 99,130,650 shares and 103,620,225 shares issued and outstanding as of May 31, 2026 and November 30, 2025, respectively; and 422,000,000 Class B shares authorized, 285,717,276 shares and 286,756,831 shares issued and outstanding, as of May 31, 2026 and November 30, 2025, respectively

0.4

0.4

Additional paid-in capital

754.9

788.1

Retained earnings

1,896.8

1,897.3

Accumulated other comprehensive loss

(379.7

)

(407.2

)

Total stockholders’ equity

2,272.4

2,278.6

Total liabilities and stockholders’ equity

$

6,627.5

$

6,848.8

  The notes accompanying our consolidated financial statements in our Form 10-Q for the second quarter of fiscal 2026 are an integral part of these consolidated financial statements.

  LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

  Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

(Dollars in millions, except per share amounts)

(Unaudited)

Net revenues

$

1,562.0

$

1,446.0

$

3,304.5

$

2,972.8

Cost of goods sold

582.9

540.2

1,247.1

1,119.4

Gross profit

979.1

905.8

2,057.4

1,853.4

Selling, general and administrative expenses

843.4

791.0

1,715.1

1,540.3

Restructuring charges, net

13.5

6.8

21.4

13.5

Operating income

122.2

108.0

320.9

299.6

Interest expense

(12.9

)

(11.8

)

(26.0

)

(22.7

)

Other income (expense), net

12.9

6.3

55.5

2.2

Income from continuing operations before income taxes

122.2

102.5

350.4

279.1

Income tax expense

27.4

22.9

78.5

59.3

Net income from continuing operations

94.8

79.6

271.9

219.8

Net loss from discontinued operations, net of taxes

(7.5

)

(12.6

)

(8.8

)

(17.8

)

Net income

$

87.3

$

67.0

$

263.1

$

202.0

Earnings (loss) per common share:

Continuing operations - Basic

$

0.25

$

0.20

$

0.70

$

0.55

Discontinued operations - Basic

(0.02

)

(0.03

)

(0.02

)

(0.04

)

Net income - Basic

$

0.23

$

0.17

$

0.68

$

0.51

Continuing operations - Diluted

$

0.24

$

0.20

$

0.69

$

0.55

Discontinued operations - Diluted

(0.02

)

(0.03

)

(0.02

)

(0.04

)

Net income - Diluted

$

0.22

$

0.17

$

0.67

$

0.51

Weighted-average common shares outstanding:

Basic

385,982,038

396,411,904

387,976,602

396,498,984

Diluted

389,629,216

399,048,949

392,300,262

400,106,225

  The notes accompanying our consolidated financial statements in our Form 10-Q for the second quarter of fiscal 2026 are an integral part of these consolidated financial statements.

  LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

  Six Months Ended

May 31,
2026

June 1,
2025

(Dollars in millions)

(Unaudited)

Cash Flows from Operating Activities:

Net income

$

263.1

$

202.0

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

112.8

99.6

Property, plant, equipment impairment, and early lease terminations, net

0.9

14.8

Gain on sale of business, prior to costs to sell

(33.6

)

—

Gain on sale of assets

—

(8.5

)

Stock-based compensation

40.1

44.2

Deferred income taxes

(2.0

)

(17.2

)

Other, net

(7.3

)

7.6

Net change in operating assets and liabilities

108.3

(104.5

)

Net cash provided by operating activities

482.3

238.0

Cash Flows from Investing Activities:

Proceeds from sale of business

96.3

—

Purchases of property, plant and equipment

(99.3

)

(106.1

)

Net proceeds from sales of assets

—

22.3

(Payments) proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net

(5.1

)

36.6

Payments to acquire short-term investments

(87.6

)

(83.5

)

Proceeds from sale, maturity and collection of short-term investments

50.6

1.0

Other investing activities, net

(6.4

)

—

Net cash used for investing activities

(51.5

)

(129.7

)

Cash Flows from Financing Activities:

Accelerated share repurchase, including excise tax

(201.0

)

—

Repurchase of common stock

—

(30.5

)

Tax withholdings on equity awards

(31.7

)

(18.5

)

Dividends to stockholders

(107.7

)

(102.8

)

Other financing activities, net

(0.5

)

(0.6

)

Net cash used for financing activities

(340.9

)

(152.4

)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

1.5

7.7

Net increase (decrease) in cash and cash equivalents and restricted cash

91.4

(36.4

)

Beginning cash and cash equivalents

757.9

690.0

Ending cash and cash equivalents

$

849.3

$

653.6

Noncash Investing Activity:

Property, plant and equipment acquired and not yet paid at end of period

$

37.9

$

50.5

Supplemental Disclosure of Cash Flow Information:

Cash paid for income taxes during the period, net of refunds

$

105.0

$

84.4

  ____________

Consolidated statements of cash flows include the cash flows from continuing and discontinued operations.

The notes accompanying our consolidated financial statements in our Form 10-Q for the second quarter of fiscal 2026 are an integral part of these consolidated financial statements.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

FOR THE SECOND QUARTER AND FISCAL YEAR 2026

The following information relates to non-GAAP financial measures, and should be read in conjunction with the investor call held on July 8, 2026, discussing the company’s financial condition and results of operations as of and for the quarter ended May 31, 2026. Because the results of our Dockers® business are classified as discontinued operations, those results are not reflected in our non-GAAP measures.

In the table below, we define the following non-GAAP measures:

Most comparable GAAP measure

Non-GAAP measure

Non-GAAP measure definition

Selling, general and administrative expenses (“SG&A”)

Adjusted SG&A

SG&A excluding goodwill impairment charges and restructuring related charges and other, net

SG&A margin

Adjusted SG&A margin

Adjusted SG&A as a percentage of net revenues

Net income from continuing operations

Adjusted EBIT

Net income from continuing operations excluding income tax expense, interest expense, other (income) expense, net, goodwill impairment charges, restructuring charges, net, and restructuring related charges and other, net

Net income margin from continuing operations

Adjusted EBIT margin

Adjusted EBIT as a percentage of net revenues

Net income from continuing operations

Adjusted EBITDA

Adjusted EBIT excluding depreciation and amortization expense

Net income from continuing operations

Adjusted net income

Net income from continuing operations excluding goodwill impairment charges, restructuring charges, net, restructuring related charges and other, net, and gain on legal settlement adjusted to give effect to the income tax impact of such adjustments

Net income margin from continuing operations

Adjusted net income margin

Adjusted net income as a percentage of net revenues

Diluted earnings per share from continuing operations

Adjusted diluted earnings per share

Adjusted net income per weighted-average number of diluted common shares outstanding

Adjusted SG&A:

The following table presents a reconciliation of SG&A, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted SG&A for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

(Dollars in millions)

(Unaudited)

Most comparable GAAP measure:

Selling, general and administrative expenses

$

843.4

$

791.0

$

1,715.1

$

1,540.3

Non-GAAP measure:

Selling, general and administrative expenses

$

843.4

$

791.0

$

1,715.1

$

1,540.3

Goodwill impairment charges(1)

—

—

—

(2.5

)

Restructuring related charges and other, net(2)

(5.5

)

(4.5

)

(16.7

)

(7.7

)

Adjusted SG&A

$

837.9

$

786.5

$

1,698.4

$

1,530.1

SG&A margin

54.0

%

54.7

%

51.9

%

51.8

%

Adjusted SG&A margin

53.6

%

54.4

%

51.4

%

51.5

%

_____________

(1)

For the six-month period ended June 1, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.

(2)

For the three-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, and other expenses. For the six-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, attorney fees related to a gain on legal settlements of $10.0 million, and other expenses.

  For the three-month and six-month periods ended June 1, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $3.6 million and $5.7 million, respectively.

  Adjusted EBIT and Adjusted EBITDA:

The following table presents a reconciliation of net income from continuing operations, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBIT and Adjusted EBITDA for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

(Dollars in millions)

(Unaudited)

Most comparable GAAP measure:

Net income from continuing operations

$

94.8

$

79.6

$

271.9

$

219.8

Non-GAAP measure:

Net income from continuing operations

$

94.8

$

79.6

$

271.9

$

219.8

Income tax expense

27.4

22.9

78.5

59.3

Interest expense

12.9

11.8

26.0

22.7

Other (income) expense, net

(12.9

)

(6.3

)

(55.5

)

(2.2

)

Goodwill impairment charges(1)

—

—

—

2.5

Restructuring charges, net(2)

13.5

6.8

21.4

13.5

Restructuring related charges and other, net(3)

5.5

4.5

16.7

7.7

Adjusted EBIT

$

141.2

$

119.3

$

359.0

$

323.3

Depreciation and amortization

57.1

50.3

112.4

99.5

Adjusted EBITDA

$

198.3

$

169.6

$

471.4

$

422.8

Net income margin from continuing operations

6.1

%

5.5

%

8.2

%

7.4

%

Adjusted EBIT margin

9.0

%

8.3

%

10.9

%

10.9

%

____________

(1)

For the six-month period ended June 1, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.

(2)

For the three-month and six-month periods ended May 31, 2026, restructuring charges, net consists primarily of $10.1 million and $18.4 million of severance and post-employment benefit charges, respectively, as well as asset impairment charges related to decision to discontinue certain technology projects, and contract termination costs.

For the three-month period ended June 1, 2025, restructuring charges, net includes $6.8 million in connection with Project Fuel consisting of $7.2 million of asset impairment in connection with the closures of distribution centers, $6.8 million of severance and other post-employment benefit charges, and $2.1 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.

For the six-month period ended June 1, 2025, restructuring charges, net includes $13.5 million in connection with Project Fuel consisting of $9.2 million of asset impairment in connection with the closures of distribution centers, $9.7 million of severance and other post-employment benefit charges, and $3.9 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.

(3)

For the three-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, and other expenses. For the six-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, attorney fees related to a gain on legal settlements of $10.0 million, and other expenses.

For the three-month and six-month periods ended June 1, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $3.6 million and $5.7 million, respectively.

  Adjusted Net Income:

The following table presents a reconciliation of net income from continuing operations, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted net income for each of the periods presented.

Three Months Ended

Six Months Ended

Twelve Months Ended

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

(Dollars in millions)

(Unaudited)

Most comparable GAAP measure:

Net income from continuing operations

$

94.8

$

79.6

$

271.9

$

219.8

$

554.1

$

422.8

Non-GAAP measure:

Net income from continuing operations

$

94.8

$

79.6

$

271.9

$

219.8

$

554.1

$

422.8

Property, plant and equipment impairment

—

—

—

—

—

11.1

Goodwill and other intangible asset impairment charges(1)

—

—

—

2.5

—

113.9

Restructuring charges, net(2)

13.5

6.8

21.4

13.5

32.4

30.9

Restructuring related charges and other, net(3)

5.8

4.5

17.2

7.7

25.2

43.4

Loss on early extinguishment of debt

—

—

—

—

1.5

—

Gain on legal settlement

—

—

(33.0

)

—

(33.0

)

—

Tax impact of adjustments(4)

(4.3

)

(2.4

)

(1.0

)

(5.0

)

(5.1

)

(50.0

)

Adjusted net income

$

109.8

$

88.5

$

276.5

$

238.5

$

575.1

$

572.1

Net income margin from continuing operations

6.1

%

5.5

%

8.2

%

7.4

%

Adjusted net income margin

7.0

%

6.1

%

8.4

%

8.0

%

_____________

(1)

For the six-month period ended June 1, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.

(2)

For the three-month and six-month periods ended May 31, 2026, restructuring charges, net consists primarily of $10.1 million and $18.4 million of severance and post-employment benefit charges, respectively, as well as asset impairment charges related to decision to discontinue certain technology projects, and contract termination costs.

For the three-month period ended June 1, 2025, restructuring charges, net includes $6.8 million in connection with Project Fuel consisting of $7.2 million of asset impairment in connection with the closures of distribution centers, $6.8 million of severance and other post-employment benefit charges, and $2.1 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.

For the six-month period ended June 1, 2025, restructuring charges, net includes $13.5 million in connection with Project Fuel consisting of $9.2 million of asset impairment in connection with the closures of distribution centers, $9.7 million of severance and other post-employment benefit charges, and $3.9 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.

(3)

For the three-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, and other expenses. For the six-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, attorney fees related to a gain on legal settlements of $10.0 million, and other expenses.

For the three-month and six-month periods ended June 1, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $3.6 million and $5.7 million, respectively.

(4)

Tax impact calculated using the annual effective tax rate, excluding discrete costs and benefits.

  Adjusted Diluted Earnings per Share:

The following table presents a reconciliation of diluted earnings per share from continuing operations, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted diluted earnings per share for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

(Unaudited)

Most comparable GAAP measure:

Diluted earnings per share from continuing operations

$

0.24

$

0.20

$

0.69

$

0.55

Non-GAAP measure:

Diluted earnings per share from continuing operations

$

0.24

$

0.20

$

0.69

$

0.55

Goodwill impairment charges(1)

—

—

—

0.01

Restructuring charges, net(2)

0.03

0.02

0.05

0.03

Restructuring related charges and other, net(3)

0.02

0.01

0.04

0.02

Gain on legal settlement

—

—

(0.08

)

—

Tax impact of adjustments(4)

(0.01

)

(0.01

)

—

(0.01

)

Adjusted diluted earnings per share

$

0.28

$

0.22

$

0.70

$

0.60

_____________

(1)

For the six-month period ended June 1, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.

(2)

For the three-month and six-month periods ended May 31, 2026, restructuring charges, net consists primarily of $10.1 million and $18.4 million of severance and post-employment benefit charges, respectively, as well as asset impairment charges related to decision to discontinue certain technology projects, and contract termination costs.

For the three-month period ended June 1, 2025, restructuring charges, net includes $6.8 million in connection with Project Fuel consisting of $7.2 million of asset impairment in connection with the closures of distribution centers, $6.8 million of severance and other post-employment benefit charges, and $2.1 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.

For the six-month period ended June 1, 2025, restructuring charges, net includes $13.5 million in connection with Project Fuel consisting of $9.2 million of asset impairment in connection with the closures of distribution centers, $9.7 million of severance and other post-employment benefit charges, and $3.9 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.

(3)

For the three-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, and other expenses. For the six-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, attorney fees related to a gain on legal settlements of $10.0 million, and other expenses.

For the three-month and six-month periods ended June 1, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $3.6 million and $5.7 million, respectively.

(4)

Tax impact calculated using the annual effective tax rate, excluding discrete costs and benefits.

  Adjusted Free Cash Flow:

Adjusted free cash flow, a non-GAAP financial measure, includes net cash flow from operating activities less purchases of property, plant and equipment from continuing and discontinued operations. This measure therefore includes the results of our Dockers® business, which is classified as discontinued operations. We believe Adjusted free cash flow is an important liquidity measure of the cash that is available after capital expenditures for operational expenses and investment in our business. We believe Adjusted free cash flow is useful to investors because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth and return capital to stockholders.

The following table presents a reconciliation of net cash flow from operating activities, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted free cash flow for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

May 31,
2026

June 1,
2025

(Dollars in millions)

(Unaudited)

Most comparable GAAP measure:

Net cash provided by operating activities

$

270.8

$

185.5

$

482.3

$

238.0

Net cash used for investing activities

(77.8

)

(58.6

)

(51.5

)

(129.7

)

Net cash used for financing activities

(56.8

)

(54.9

)

(340.9

)

(152.4

)

Non-GAAP measure:

Net cash provided by operating activities

$

270.8

$

185.5

$

482.3

$

238.0

Purchases of property, plant and equipment

(39.9

)

(39.5

)

(99.3

)

(106.1

)

Adjusted free cash flow

$

230.9

$

146.0

$

383.0

$

131.9

  Return on Invested Capital:

We define Return on invested capital (“ROIC”) as the trailing four quarters of Adjusted net income before interest and after taxes divided by the average trailing five quarters of total invested capital. We define total invested capital as total debt plus shareholders' equity less cash and short-term investments. We believe ROIC is useful to investors as it quantifies how efficiently we generated operating income relative to the capital we have invested in the business.

Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non-GAAP metric Adjusted net income. Although ROIC is a standard financial metric, numerous methods exist for calculating a company's ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP.

The table below sets forth the calculation of ROIC for each of the periods presented.

Trailing Four Quarters

May 31,
2026

June 1,
2025

(Dollars in millions)

(Unaudited)

Net income from continuing operations

$

554.1

$

422.8

Numerator

Adjusted net income(1)

$

575.1

$

572.1

Interest expense

51.8

44.3

Adjusted income tax expense

156.2

124.4

Adjusted net income before interest and taxes

783.1

740.8

Income tax adjustment(2)

(167.2

)

(132.3

)

Adjusted net income before interest and after taxes

$

615.9

$

608.5

Average Trailing Five Quarters

May 31,
2026

June 1,
2025

(Dollars in millions)

(Unaudited)

Denominator

Total debt, including operating lease liabilities

$

2,365.1

$

2,193.2

Shareholders' equity

2,154.7

1,867.0

Cash and short-term investments

(718.0

)

(627.3

)

Total invested Capital

$

3,801.8

$

3,432.9

Net income to total invested capital

14.6

%

12.3

%

Return on invested capital

16.2

%

17.7

%

  Organic Net Revenues:

The table below sets forth the calculation of net revenues by segment on an organic net revenues basis for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

% Increase

(Decrease)

May 31,
2026

June 1,
2025

% Increase

(Decrease)

(Dollars in millions)

(Unaudited)

Total net revenues(1)

As reported

$

1,562.0

$

1,446.0

8.0

%

$

3,304.5

$

2,972.8

11.2

%

Impact of foreign currency exchange rates

—

31.6

—

102.4

Net revenues from Denizen® wind down(2)

—

—

—

(2.3

)

Organic net revenues

$

1,562.0

$

1,477.6

5.7

%

$

3,304.5

$

3,072.9

7.5

%

Americas

As reported

$

815.5

$

748.4

9.0

%

$

1,671.2

$

1,531.4

9.1

%

Impact of foreign currency exchange rates

—

15.5

—

33.9

Net revenues from Denizen® wind down(2)

—

—

—

(2.3

)

Organic net revenues - Americas

$

815.5

$

763.9

6.8

%

$

1,671.2

$

1,563.0

6.9

%

Europe

As reported

$

420.2

$

403.1

4.2

%

$

916.2

$

803.6

14.0

%

Impact of foreign currency exchange rates

—

20.3

—

71.6

Organic net revenues - Europe

$

420.2

$

423.4

(0.8

)%

$

916.2

$

875.2

4.7

%

Asia

As reported

$

283.7

$

257.7

10.1

%

$

631.2

$

565.8

11.6

%

Impact of foreign currency exchange rates

—

(4.2

)

—

(3.1

)

Organic net revenues - Asia

$

283.7

$

253.5

11.9

%

$

631.2

$

562.7

12.2

%

Beyond Yoga®

As reported

$

42.6

$

36.8

15.8

%

$

85.9

$

72.0

19.3

%

Organic net revenues - Beyond Yoga®

$

42.6

$

36.8

15.8

%

$

85.9

$

72.0

19.3

%

The table below sets forth the calculation of net revenues by channel on an organic net revenues basis for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

% Increase

(Decrease)

May 31,
2026

June 1,
2025

% Increase

(Decrease)

(Dollars in millions)

(Unaudited)

Total net revenues(1)

As reported

$

1,562.0

$

1,446.0

8.0

%

$

3,304.5

$

2,972.8

11.2

%

Impact of foreign currency exchange rates

—

31.6

—

102.4

Net revenues from Denizen® wind down(2)

—

—

—

(2.3

)

Organic net revenues

$

1,562.0

$

1,477.6

5.7

%

$

3,304.5

$

3,072.9

7.5

%

Wholesale

As reported

$

768.4

$

729.9

5.3

%

$

1,599.4

$

1,469.2

8.9

%

Impact of foreign currency exchange rates

—

15.6

—

45.1

Net revenues from Denizen® wind down(2)

—

—

—

(2.3

)

Organic net revenues - Wholesale

$

768.4

$

745.5

3.1

%

$

1,599.4

$

1,512.0

5.8

%

DTC

As reported

$

793.6

$

716.1

10.8

%

$

1,705.1

$

1,503.6

13.4

%

Impact of foreign currency exchange rates

—

16.0

—

57.3

Organic net revenues - DTC

$

793.6

$

732.1

8.4

%

$

1,705.1

$

1,560.9

9.2

%

The table below sets forth the calculation of net revenues by brand on an organic net revenues basis for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

% Increase

(Decrease)

May 31,
2026

June 1,
2025

% Increase

(Decrease)

(Dollars in millions)

(Unaudited)

Total Levi’s Brands net revenues

As reported

$

1,519.4

$

1,409.2

7.8

%

$

3,218.6

$

2,900.8

11.0

%

Impact of foreign currency exchange rates

—

31.6

—

102.4

Net revenues from Denizen® wind down(1)

—

—

—

(2.3

)

Organic net revenues

$

1,519.4

$

1,440.8

5.5

%

$

3,218.6

$

3,000.9

7.3

%

Levi’s®

As reported

$

1,462.1

$

1,352.8

8.1

%

$

3,095.6

$

2,785.6

11.1

%

Impact of foreign currency exchange rates

—

31.4

—

102.0

Organic net revenues - Levi’s®

$

1,462.1

$

1,384.2

5.6

%

$

3,095.6

$

2,887.6

7.2

%

Levi Strauss SignatureTM

As reported

$

57.3

$

56.4

1.6

%

$

123.0

$

112.9

8.9

%

Impact of foreign currency exchange rates

—

0.2

—

0.4

Organic net revenues - Levi Strauss SignatureTM

$

57.3

$

56.6

1.2

%

$

123.0

$

113.3

8.6

%

Constant-Currency Adjusted EBIT and Constant-Currency Adjusted EBIT margin:

The table below sets forth the calculation of Adjusted EBIT and Adjusted EBIT margin on a constant-currency basis for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

% Increase (Decrease)

May 31,
2026

June 1,
2025

% Increase (Decrease)

(Dollars in millions)

(Unaudited)

Adjusted EBIT(1)

$

141.2

$

119.3

18.4

%

$

359.0

$

323.3

11.0

%

Impact of foreign currency exchange rates

—

5.6

*

—

22.9

*

Constant-currency Adjusted EBIT

$

141.2

$

124.9

13.1

%

$

359.0

$

346.2

3.7

%

Adjusted EBIT margin

9.0

%

8.3

%

8.4

%

10.9

%

10.9

%

—

%

Impact of foreign currency exchange rates

—

0.2

*

—

0.4

*

Constant-currency Adjusted EBIT margin(2)

9.0

%

8.5

%

5.9

%

10.9

%

11.3

%

(3.5

)%

Constant-Currency Adjusted Net Income and Constant-Currency Adjusted Diluted Earnings per Share:

The table below sets forth the calculation of Adjusted net income and Adjusted diluted earnings per share on a constant-currency basis for each of the periods presented.

Three Months Ended

Six Months Ended

May 31,
2026

June 1,
2025

% Increase (Decrease)

May 31,
2026

June 1,
2025

% Increase (Decrease)

(Dollars in millions, except per share amounts)

(Unaudited)

Adjusted net income(1)

$

109.8

$

88.5

24.1

%

$

276.5

$

238.5

15.9

%

Impact of foreign currency exchange rates

—

2.2

*

—

8.2

*

Constant-currency Adjusted net income

$

109.8

$

90.7

21.1

%

$

276.5

$

246.7

12.1

%

Constant-currency Adjusted net income margin(2)

7.0

%

6.1

%

8.4

%

8.0

%

Adjusted diluted earnings per share

$

0.28

$

0.22

27.3

%

$

0.70

$

0.60

16.7

%

Impact of foreign currency exchange rates

—

0.01

*

—

0.02

*

Constant-currency Adjusted diluted earnings per share

$

0.28

$

0.23

21.7

%

$

0.70

$

0.62

12.9

%

More News From Levi Strauss & Co.

The apparel company again raised its full-year guidance after posting higher second-quarter sales as it continues efforts to broaden its offerings and focus on its direct-to-consumer business.

Wall Street enters the week with investors focused on the start of the second-quarter earnings season, the Federal Reserve's latest meeting minutes and a handful of economic releases that could offer fresh insight into the outlook for interest rates, economic growth and the artificial intelligence-driven rally that has powered US equities.

The week's key events include Wednesday's release of the minutes from the Federal Open Market Committee's June meeting, the ISM services purchasing managers index, earnings from companies including PepsiCo Inc (NASDAQ:PEP, XETRA:PEP) and Levi Strauss & Co (NYSE:LEVI), as well as several developments in the semiconductor industry that could influence sentiment toward AI-related stocks.

Kathleen Brooks, research director at XTB, said the Fed minutes will be one of the week's main catalysts as investors look for evidence of how policymakers are weighing persistent inflation risks against signs of a slowing labor market. She said the minutes could shed more light on the divide between officials focused on inflation and those increasingly concerned about employment.

Brooks also said Treasury markets will remain in focus after yields rose last week, noting investors will be watching whether bond markets reverse course as trading resumes following the July 4 holiday.

Technology stocks are expected to remain under close scrutiny after volatility emerged in the semiconductor sector. Brooks said last week's selloff raised questions about whether the rapid pace of AI infrastructure spending is beginning to slow, citing reports that Apple could source memory chips from China and Meta's decision to begin selling AI computing capacity.

However, she said the recent weakness appears to be a pullback rather than a broader reversal, pointing out that semiconductor stocks have posted substantial gains this year. Brooks added that earnings and forward guidance from Samsung Electronics (KRX:005930) this week will be closely watched, as strong demand forecasts from one of Nvidia Corp (NASDAQ:NVDA, XETRA:NVD)'s key suppliers could help restore confidence in the AI investment cycle.

Outside the technology sector, Brooks said investors will also be monitoring the ISM services index for signs of how the broader US economy is performing beyond the AI-driven investment boom. She said particular attention will be paid to the employment and new orders components, with weaker readings potentially reinforcing concerns about slowing economic activity.

Ipek Ozkardeskaya, senior analyst at Swissquote, also expects technology valuations to remain a central market theme this week. She said investors will continue debating whether the sector's strong gains remain supported by fundamentals or whether valuations are becoming stretched.

She pointed to SpaceX Corp (NASDAQ:SPCX)'s addition to the Nasdaq-100 index as another event likely to attract investor attention, saying the company's inclusion and the start of Wall Street research coverage following the end of its quiet period could increase volatility in the index. Ozkardeskaya said SpaceX's high valuation, concentrated ownership structure and relatively limited public float may fuel further debate about the composition of major US equity benchmarks.

Alongside the Fed minutes, investors will also hear from several Federal Reserve officials during the week. According to Deutsche Bank economists, speeches from Governor Christopher Waller, New York Fed President John Williams and Dallas Fed President Lorie Logan will be monitored for clues on how policymakers are interpreting recent economic data and whether Chair Kevin Warsh's preference for less forward guidance is leading to a more restrained approach to Fed communications.

Deutsche Bank said the relatively light economic calendar means monetary policy messaging could have an outsized influence on markets, with investors looking for any indication of how officials' views on inflation, growth and the labor market are evolving heading into the second half of the year.

Move over, guys.

Iconic apparel brands that have historically been more popular with men are turning to women to help drive a new leg of growth.

The CEOs of Timberland owner VF Corp., Levi's, and Columbia Sportswear have all recently highlighted women as a key focus as they look to boost revenues and broaden their customer bases.

The opportunity is sizable. Needham analyst Tom Nikic estimates the U.S. women's apparel market is roughly 70% larger than the men's apparel market. In other words, women spend substantially more on clothing than men.

"If you're skewing very heavily towards men, then you're essentially leaving behind half the population," Nikic told CNBC.

The efforts at VF Corp., Levi's, and Columbia reflect a broader trend across the apparel industry as brands search for growth in an increasingly competitive market, according to analysts. While these companies have sold women's clothes and shoes for decades, executives are increasingly treating female consumers as a strategic priority rather than simply another customer segment.

For investors, the appeal is straightforward. Winning over more female shoppers allows brands to expand their addressable market without having to embark on a radical pivot.

"There was no good structural reason why some of these brands should skew as heavily male as they did," Nikic said. "If they can successfully grow with women while maintaining strength with men, that's a significant opportunity."

VF Corp. CEO Bracken Darrell, who took over three years ago to reinvigorate the company after a period of declining sales, described women as a major "unlock" for several of its brands, including Vans, The North Face, Timberland, and shoe maker Altra Running.

Darrell said the opportunity stems from both women's growing purchasing power and their influence on broader consumer trends.

"Women have influenced men's choices in a bigger way than a lot of us who ran predominantly men's brands gave credit for," Darrell said in an interview. "We always had opportunities across all our brands that were bigger for us if we tried to get in with women."

VF is incorporating that focus into more product development across its portfolio. Vans, a hallmark of skateboard culture, has introduced more women's apparel, pearlized footwear and shoe jewelry. Known for its iconic yellow boot, Timberland has expanded its lineup with products such as its Stone Street platform boots and other women's-focused silhouettes, leaning into elevated designs as it looks to broaden its appeal among female shoppers.

At The North Face, the company has collaborated with Kim Kardashian's Skims and other fashion brands, while also expanding its offerings for female outdoor enthusiasts. Its Advanced Mountain Kit line, one of the brand's premium performance collections, now includes a full women's assortment.

The North Face is the company's "single biggest opportunity with women," Darrell said. It's also the company's largest brand by revenue, accounting for roughly 42% of its $9.6 billion in fiscal 2026 sales.

"We believe North Face can double from $4 billion to $8 billion over some time frame," he said, estimating that women could account for more than $2 billion of that potential growth.

The focus on women could also play a role in helping Vans return to sustainable growth, according to Jefferies analyst Blake Anderson. He said younger women can act as "strong brand advocates and trendsetters," helping drive awareness through social media and online shopping channels.

Vans brand has struggled for years, predating Darrell's arrival. But revenue trends are improving. Sales on a constant-currency basis fell 11% in VF's fiscal year ended in March, compared with 15% and 27% in fiscal 2025 and 2024, respectively. For 2027, the company projects a mid-single decline.

In fiscal 2026, VF broke a streak of three consecutive years of declining companywide sales, with The North Face and Timberland both growing 5% on a constant-currency basis. It's guided for another year of growth in fiscal 2027.

So far in Darrell's tenure, shares of VF are down roughly 7%, when including dividends. That trails State Street's popular retail ETF known as the XRT, which is up 38% in that timeframe. Over the past year, though, the stock has trounced the XRT, returning almost 36% versus roughly 10%.

Levi's has emerged as one of the clearest examples of how expanding into women's apparel can translate into growth.

Former Kohl's CEO Michelle Gass became Levi's chief executive in January 2024 after a year as president. She was tasked with accelerating growth and advancing the company's transition to a direct-to-consumer-first business.

As part of that strategy, Gass made attracting female shoppers a key priority through the company's "Win With Her" initiative, which first launched in Europe and has since expanded more broadly throughout the business. On CNBC's "Mad Money" earlier this year, Gass told Jim Cramer that women's apparel now accounts for 38% of Levi's business, up from roughly a third in 2022. She is targeting a 50-50 revenue split between men and women.

"Women's was up 11% for [2025], and we have a long way to go between 38% and 50%, and that's incremental business for us," Gass said.

On the company's 2026 first-quarter earnings call, Gass said women's apparel grew 13% in the quarter, compared with 7% growth in men's. In its 2025 annual report, Levi's described the category as a "powerful growth engine," and noted that it carries higher gross margins while remaining underpenetrated.

The company has expanded beyond denim into dresses, skirts, tops and lifestyle apparel. It's also increased its marketing efforts, including its high-profile partnership with Beyoncé in 2024.

Levi's has also changed how it merchandises its stores. Women's apparel is now featured prominently at the front of many U.S. locations, supported by mannequins and lifestyle displays designed to showcase complete outfits.

Nikic, the Needham analyst, said Levi's demonstrates how brands can grow their women's businesses without sacrificing momentum among male shoppers.

"The women's business is performing even better, but men's product has continued to sell well," he said. "When you can get balanced growth across both men and women, it obviously does wonders for your P&L and for your stock price."

Shares of Levi's have returned 66%, including dividends, since Gass became CEO in January 2024. In that stretch, the stock has significantly outperformed the XRT's 28% return. It's also narrowly topped the S&P 500's total return of 58%.

Levi's reports its next set of quarterly earnings on Wednesday.

Columbia Sportswear is pursuing a similar strategy.

At a recent investor conference, CEO Tim Boyle pointed to the success of Columbia's Amaze Puff Jacket, a stylish winter coat, as an example of how the company is broadening its appeal beyond clothes and shoes popular for hiking, fishing and more.

"It's highly fashionable," said Boyle, who's been CEO since 1988. "It brought a lot of new people into the brand."

The jacket generated significant social media attention and helped introduce Columbia to consumers who may not have traditionally considered the company a fashion brand, Boyle said.

The company has continued to build on that momentum. During an appearance on CNBC's "Mad Money" in May, Boyle highlighted women's outerwear as a major area of focus, and said Columbia plans to expand the Amaze collection into additional seasons.

Columbia expects sales to grow between 1% to 3% this year, after falling 3% last year on a constant-currency basis. Over the past year, the stock has returned about 1%, trailing the XRT's 10% advance.

The stock performance across the group has been mixed, but their pursuits are aligned.

"Your average woman spends almost twice as much on their closet annually as the average man in the U.S.," Nikic said.

Darrell said that's an opportunity the company can no longer afford to overlook.

"You can't look away from the fact that more than 50% of the population is women, so that's always been a big opportunity for these brands," he said. "Investors should be excited to know that we're not ignoring them, we're going after them."

Currently, Levi Strauss has an annual dividend yield of 2.26%. That’s a quarterly dividend amount of 14 cents per share (56 cents a year).

To earn $500 monthly from Levi Strauss, start with a yearly target: $6,000 ($500 x 12 months).

Next, we divide this amount by LEVI’s 56-cent dividend: $6,000 / $0.56 = 10,714 shares.

So, an investor would need to own approximately $266,029 worth of Levi Strauss, or 10,714 shares to generate a monthly dividend income of $500.

Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $0.56 = 2,143 shares, or $53,211 to generate a monthly dividend income of $100.

Note that the dividend yield changes on a rolling basis; the dividend payment and the stock price fluctuate over time.

The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.

For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).

Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).

Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.

LEVI Price Action: Shares of Levi Strauss gained by 1.4% to close at $24.83 on Tuesday.

Analysts expect the company to report quarterly earnings of 24 cents per share, up from 22 cents per share in the year-ago period. The consensus estimate for Levi Strauss’ quarterly revenue is $1.52 billion. It reported $1.45 billion last year, according to Benzinga Pro.

On June 29, Citigroup analyst Paul Lejuez maintained Levi Strauss at Neutral and raised the price target from $23 to $25.

Photo via Shutterstock

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As people around the world tune into this summer's World Cup, some of the brands generating the most buzz aren't even official sponsors of the tournament.

The list of official sponsors for this year's World Cup, hosted in cities across the U.S., Canada and Mexico, include global household names like Adidas, Coca-Cola and Qatar Airways.

But even before the tournament began, the spotlight fell on companies like Levi Strauss & Co., Taco Bell and Texas-based convenience store chain Buc-ee's. Some have garnered traction on social media for their creative marketing strategies, while others have benefited from organic customer response with the influx of international players and fans.

McDonald's celebrated the tournament with limited-time menu items and cups. Taco Bell leaned into a new campaign to support fans in celebration or support depending on the outcome of a match.

According to marketing research firm WARC Media, advertising spending on this year's World Cup tournament is expected to reach $10.5 billion. That's just below spending for the 2018 World Cup, hosted by Russia, which totaled roughly $12.6 billion.

Market intelligence firm Sensor Tower told CNBC that World Cup advertising spend increased 42% week over week in the days leading up to the first game. The firm tracked that Taco Bell and Duracell have both increased their advertising spend in the past few weeks, though the top 10 World Cup advertisers by spend over the past three months have been sponsors or broadcast partners of the event.

According to market research firm Meltwater, in the ramp-up to the World Cup, non-sponsor brand collaborations generated nearly double the engagement of official sponsors, reaching roughly 61 million engagements versus just 33 million.

The firm told CNBC that while sponsored advertisements led in volume, distribution and creative quality helped propel non-sponsors to higher engagement, with the most social media engagement coming from TikTok.

Since the tournament began, non-sponsor brands have surpassed 57,000 mentions on social media versus just over 43,000 for official sponsors, the company said.

"A big takeaway from this World Cup is that you don't need an official sponsorship to own the cultural moment anymore," Meltwater CEO John Box told CNBC. "The brands that will win the next tournament aren't necessarily the ones with the biggest budgets, but instead the ones who are set up to see what's trending in real time, the creativity to connect it back to your brand, and the speed to act before the moment passes."

World Cup resultsAccording to Meltwater, Coca-Cola and Adidas accounted for half of all sponsor mentions in the buildup to the tournament. But in the final 11 days before the first match on June 11, McDonald's became the clear winner, with engagement share rising from 2.6% to 23%.

Of the non-sponsors, Lego accounted for 82% of the top 50 most engaging non-sponsor posts across social media platforms, Meltwater said. The construction toy company's World Cup campaign delivered 12 times the sponsor average in the days leading up to the tournament.

Nike, who is not an official tournament sponsor, saw its World Cup advertisement — featuring celebrities like Kim Kardashian, Travis Scott and Lebron James as well as scores of World Cup stars like Norway breakout Erling Haaland and Portugal captain Cristiano Ronaldo — rake in more than 70 million views on YouTube.

Sneaker rival Adidas counts roughly 7 million views for its advertisement featuring actor Timothée Chalamet, Argentina captain Lionel Messi and more.

That gap is indicative of the winners and losers of the off-pitch advertising battle during the tournament, according to Andrew Rohm, a professor of marketing at Loyola Marymount University.

"It was just interesting how those two brands took totally different approaches to their four- to five-minute pieces of content, and I loved the Nike approach because it was totally on-brand, irreverent, unexpected, in your face," Rohm told CNBC. "You don't have to be an official sponsor to tie back into the cultural social importance of a worldwide global event like the World Cup, especially if you have assets like Nike has that you can deploy towards that."

When it comes to the advertising winners of this year's World Cup, Rohm said it's a battle between "the expected and the unexpected." The companies that aren't official sponsors and are therefore not restricted by FIFA are able to have the most fun with their marketing, he said.

One brand making the most of its non-sponsor status is denim brand Levi's.

Because the company isn't an official backer of the tournament, its branding on the host stadium in Santa Clara, California, had to be removed before matches.

The Levi's logo, loosely shaped like a jeans pant pocket, was shrouded in a white covering — but the move counterintuitively generated buzz for the company on social media from amused fans. In a similar move, razor brand Gillette's cover for its logo on the stadium in Massachusetts mimicked shaving cream foam to make light of the situation.

"What started as a naming rights sponsorship restriction at the Levi's Stadium became the most commented and shared post in Levi's history," Kenneth Mitchell, Levi's chief marketing officer, wrote last week. "Leaning fully into it with a profile change on our social channels sealed the deal."

Mitchell added that "strong brand iconography" worked on the company's side, as its distinctive logo remained recognizable even under the covering.

According to Meltwater, Levi's led the strongest example of non-sponsor visibility through its marketing, with its mentions increasing by 44% since the start of the World Cup. Engagement with the company increased nearly four times after it leaned into the stadium covering marketing, the research firm found.

A shifting ad strategyJared Watson, an assistant professor of marketing at New York University's Stern School of Business, said he's seen brands having more fun in their marketing during this year's tournament.

"I think what you're seeing play out, especially this year, is these brands that are taking sort of a rebellious or a cheeky approach to where they're not officially being aligned with FIFA, and so a lot of consumers are in support of these marketing initiatives, in part because it feels somewhat adversarial to what's happening," Watson told CNBC. "It's kind of stripping away that capitalistic intention from FIFA."

Watson said brand success has not come from the marketing alone, but also that some companies are picking up on the frustration consumers feel with the commercialization of global soccer.

FIFA introduced mandatory hydration breaks during matches, for example, baking in more time for ads without breaking up the game. The breaks have drawn criticism from fans who say they're unnecessary and a money grab.

"There's a little bit of a stick-it-to-the-man mentality of we like to see these brands that are rebelling and pushing back because it's kind of in the spirit of what the World Cup is, which is unity and meritocracy," Watson said.

FIFA said in December the three-minute breaks were intended to prioritize "player welfare" and "part of a focused attempt to ensure the best possible conditions for players."

Some brands have also found more organic success as fans around the world experience the culture of the World Cup host cities, posting about their newfound affinity for American general store chain Buc-ee's and salad dressing company Hidden Valley Ranch.

"One of the things that we've seen, which I think has helped a lot of brands that maybe hadn't proactively decided to jump into the advertising fray, is we've seen the delight with sort of basic American things," Watson said. "That has allowed a lot of these brands to kind of slipstream or somewhat reactively jump on these trends and gain some earned media."

And in an age of artificial intelligence, marketing that creates an emotional connection and has a human appeal stands out, according to Kelly Cutler, an associate professor of marketing at Northwestern University.

"I think it's particularly timely, because I think people feel a little bit sensitive right now with all of the media around AI and all the discussions around AI," Cutler said. "So that understanding at that human level of how important it is when your team wins or loses is so basic and fundamental and creates such a connection."

Cutler also said the marketing cuts through generations — younger consumers are more aware of when they're being sold to and are more often resistant. Companies that can develop a deeper bond with Generation Z will find the "golden goose of marketing," she said.

For sponsor companies constrained by FIFA regulations, she added, the World Cup may have broader implications for future brand partnerships.

"The organizations, obviously they want those sponsorship dollars, and they don't want to experience this type of situation where the brands that are paying nothing are getting a lot of traction and hitting all the headlines and having these really interesting outcomes," Cutler said. "So I do think that it's going to be interesting to watch how this impacts future sponsorship programming."

Levi Strauss & Co. (NYSE: LEVI) will host a conference call to discuss the company’s financial results for the second quarter ended May 31, 2026. The call will be held on Wednesday, July 8, 2026, at 2 p.m. Pacific Time / 5 p.m. Eastern Time, and will be hosted by Michelle Gass, president and chief executive officer, and Harmit Singh, chief financial and growth officer.

To access the conference call, please pre-register using this link. Registrants will receive an email confirmation with dial-in details.

A live webcast of the event can be accessed using this link. A replay of the webcast will be available on http://investors.levistrauss.com starting approximately two hours after the event and archived on the site for one quarter.

To access the company’s related press release on July 8, 2026, please visit http://investors.levistrauss.com.

About Levi Strauss & Co.

Levi Strauss & Co. (LS&Co.) is one of the world's largest brand-name apparel companies and a global leader in jeanswear. The company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi's®, Levi Strauss Signature™, and Beyond Yoga®brands. Its products are sold in approximately 120 countries worldwide through a combination of chain retailers, department stores, online sites, and a global footprint of approximately 3,300 retail stores and shop-in-shops. Levi Strauss & Co.'s reported 2025 net revenues were $6.3 billion. For more information, go to http://levistrauss.com, and for financial news and announcements go to http://investors.levistrauss.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260624395064/en/

Key Dates and Disclosure Events Shareholders Need to Know

, /PRNewswire/ -- Levi & Korsinsky, LLP encourages investors who suffered losses in Snowflake Inc. (NYSE: SNOW) to contact the firm. WHO IS AFFECTED: Those who purchased SNOW securities between June 27, 2023 and February 28, 2024 may be entitled to recover damages. Find out if you are eligible to recover losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

Snowflake shares fell $41.72 per share, an 18.14% decline, after the Company disclosed consumption headwinds and withdrew its $10 billion product revenue target. The window to apply for lead plaintiff closes on April 27, 2026.

June 27, 2023: Investor Day Optimism

Snowflake hosted an Investor Day presentation where management reaffirmed confidence that the Company would reach $10 billion in product revenue by 2029. Management characterized consumption as "back where we'd expect it to be" and portrayed Iceberg Tables as a workload expansion opportunity in "full alignment" with the business model. The lawsuit contends these statements omitted known risks that efficiency gains and new product formats would cannibalize consumption revenue.

August 23, 2023: Q2 Fiscal 2024 Earnings Call

Management described consumption as "good" and told analysts that "stabilization is the right term." The action claims management touted upcoming product launches, including Streamlit, Unistore, and Containerized Services, as catalysts for revenue growth reacceleration, while failing to disclose material headwinds already affecting the consumption model.

November 29, 2023: Q3 Fiscal 2024 Earnings Call

Management reported "strong consumption from a broad base of customers" and highlighted new large-account wins. As alleged, tiered storage pricing had already begun rolling out to the Company's biggest customers, and large customers had already communicated their plans to adopt Iceberg Tables, yet these headwinds were not disclosed.

February 28, 2024: The Corrective Disclosure

After the market closed, Snowflake disclosed Q4 and full fiscal year 2024 results and provided guidance that shocked investors:

Acknowledged "increased revenue headwinds" from product efficiency gains, tiered storage pricing, and Iceberg Table adoption Revealed a 6.2% to 6.3% revenue impact from efficiency gains alone Lowered FY 2025 product revenue guidance to 22% year-over-year growth versus the 30% market expectation Withdrew the long-standing $10 billion 2029 product revenue target Disclosed that tiered storage pricing had started rolling out in Q3 and ramped through Q4 Submit your claim before the deadline or call Joseph E. Levi, Esq. at (212) 363-7500.

"Timely disclosure of material developments is fundamental to fair and efficient markets. The chronology in this case raises questions about the gap between when certain headwinds were known internally and when they were communicated to the investing public." -- Joseph E. Levi, Esq.

ABOUT THE FIRM -- For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years. Those wishing to serve as lead plaintiff must act by April 27, 2026.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected] 
Tel: (212) 363-7500
Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP

Notice to Pension Funds, Asset Managers, and Fiduciaries

, /PRNewswire/ -- Institutional investors holding positions in Navan, Inc. (Nasdaq: NAVN) acquired pursuant or traceable to the Company's October 31, 2025 initial public offering may wish to evaluate lead plaintiff opportunities in a pending securities class action. Request an institutional investor loss assessment. You may also contact Joseph E. Levi, Esq. at [email protected] or ☎(212) 363-7500.

Shares purchased at the $25 IPO price have declined to as low as $9.20 before the lawsuit was filed. The Court has set April 24, 2026 as the deadline to apply for lead plaintiff appointment.

Fiduciary Obligations and Recovery Options

Pension funds, mutual funds, and asset managers that acquired NAVN shares in the IPO owe fiduciary duties to their beneficiaries to evaluate all avenues for loss recovery. The Private Securities Litigation Reform Act of 1995 favors institutional investors as lead plaintiffs, recognizing their capacity to oversee complex securities litigation on behalf of a broader class.

Key considerations for fiduciaries include:

Institutions that purchased NAVN shares at $25 in the October 2025 IPO and held through December 16, 2025 experienced per-share losses of approximately $12.10 based on the post-disclosure closing price The PSLRA presumes that the investor with the largest financial interest should serve as lead plaintiff, a role well suited to institutional holders Lead plaintiff appointment carries no additional financial obligation; counsel fees are paid from any recovery obtained for the class Fiduciaries who fail to evaluate participation in securities recoveries may face questions from beneficiaries regarding their oversight responsibilities The lawsuit asserts strict liability and negligence claims under §§11, 12, and 15 of the Securities Act of 1933, which do not require proof of fraudulent intent Portfolio Impact Assessment

The action contends that Navan's Offering Documents omitted material information about a 39% surge in sales and marketing expenses during the quarter ending October 31, 2025, the same day as the IPO. This omission allegedly rendered statements about the Company's "rapid growth" and key financial metrics misleading to investors who relied on the Offering Documents when making allocation decisions.

Contact us for institutional recovery options or call ☎(212) 363-7500.

Case Summary

The class action was filed in the United States District Court for the Northern District of California on behalf of all persons and entities that purchased Navan common stock issued pursuant or traceable to the IPO.

"Institutional investors play a critical role in securities class actions. Their participation strengthens the class and ensures that fiduciary interests are represented by parties with the resources and standing to oversee litigation involving alleged IPO disclosure failures of this magnitude." -- Joseph E. Levi, Esq.

INSTITUTIONAL INVESTOR REPRESENTATION -- Levi & Korsinsky, LLP provides sophisticated counsel to institutional investors evaluating lead plaintiff opportunities. The firm has recovered hundreds of millions of dollars. Ranked among ISS Top 50 for seven consecutive years.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

[email protected]

Tel: (212) 363-7500

Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP

Important Information Regarding Section 20(a) Individual Liability Claims

, /PRNewswire/ -- Levi & Korsinsky, LLP alerts investors in PayPal Holdings, Inc. (NASDAQ: PYPL) of a pending securities class action naming senior executives as individual defendants. Class Period: February 25, 2025 through February 2, 2026. Find out if you qualify to recover losses or contact Joseph E. Levi, Esq. at [email protected] | (212) 363-7500.

Two senior officers of PayPal are named as individual defendants in a securities class action filed in the United States District Court for the Northern District of California. Shares fell $10.63 per share, a 20.31% single-day decline, after alleged misrepresentations were revealed on February 3, 2026.

The Named Individual Defendants

James Alexander Chriss served as President, Chief Executive Officer, and Director of PayPal throughout the Class Period until his termination on February 3, 2026. The complaint identifies Chriss as the executive who led the Company's February 25, 2025 Analyst/Investor Day presentation, where ambitious 2027 financial targets and Branded Checkout growth projections were communicated to investors.

Jamie S. Miller served as Executive Vice President, Chief Financial Officer, and Chief Operating Officer throughout the Class Period. Miller assumed the additional roles of Interim President and Interim Chief Executive Officer on February 3, 2026, the same day the Company disclosed disappointing results and withdrew its 2027 targets.

Section 20(a) Control Person Framework

The action asserts claims under Section 20(a) of the Securities Exchange Act of 1934, which imposes liability on individuals who controlled a company that violated Section 10(b). As pleaded, both Chriss and Miller possessed the power and authority to control the contents of PayPal's SEC filings, press releases, and presentations to analysts and institutional investors. Each was allegedly provided with copies of the Company's public statements prior to or shortly after issuance and had the ability to prevent their release or cause corrections.

Sarbanes-Oxley Certification Obligations

Under SOX Sections 302 and 906, Chriss and Miller personally certified the accuracy of PayPal's quarterly and annual filings with the SEC The complaint contends both defendants knew that adverse facts about the Company's salesforce readiness and deployment capabilities had not been disclosed Each allegedly had access to material non-public information showing that the Company's staff was "too optimistic" about changing customer adoption The action charges that positive representations about 2027 growth targets were made while concealing operational limitations across all regions Scienter Allegations

The complaint charges that the Individual Defendants knew, or were severely reckless in not knowing, that PayPal's salesforce was not equipped to execute on the growth potential communicated to investors. Both defendants allegedly participated directly in crafting the narratives presented at the February 2025 Analyst/Investor Day and the April 2025 earnings call, where they reiterated confidence in targets that were later withdrawn.

"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. When executives personally certify financial disclosures while allegedly concealing known operational shortcomings, Section 20(a) provides shareholders a path to hold those individuals accountable." -- Joseph E. Levi, Esq.

Submit your information to join the recovery or call Joseph E. Levi, Esq. at (212) 363-7500.

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered. The Court has set April 20, 2026 as the deadline to apply for lead plaintiff appointment.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

[email protected]

Tel: (212) 363-7500

Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP

Amazon pressured major brands like Levi Strauss & Co. and Hanes to inflate prices of listings on rival online marketplaces as part of wide-ranging price-fixing scheme, according to California Attorney General Rob Bonta.

The newly unsealed documents released on Monday are part of a 2022 antitrust lawsuit alleging Amazon stifled competition and increased the prices that consumers pay across the internet. The complaint zeroes in on Amazon's agreements with its millions of vendors, which Bonta says "keep prices artificially high" on competing platforms.

Vendors are compelled to agree to Amazon's demands because of its dominant position in online retail, Bonta argued.

Amazon has previously disputed Bonta's claims. An Amazon spokesperson told CNBC in a statement that it will respond in court "at the appropriate time."

"The Attorney General's motion is a transparent attempt to distract from the weakness of its case, coming more than three years after filing its complaint and based on supposedly 'new' evidence it has had for years," the spokesperson said in a statement.

The documents released Monday include 2022 communications between Amazon and undergarments maker Hanes, where it sent the vendor links to listings on Target and Walmart's websites showing lower prices than those on Amazon.

Hanes confirmed that it "reached out to Target and Walmart to have the prices increased," the filing states.

In another case, Amazon alerted Allergan that it temporarily suppressed listings for its eye drops once it found they were being sold for less elsewhere. The medical products company replied saying, "Walmart got their price back up" to $16.99 and asked Amazon to unsuppress the product. Amazon agreed, according to the filing.

Read more CNBC tech newsBezos opens up about AI startup Prometheus after $12 billion raise: 'We're not being secretive'DoorDash lets customers use photos, prompts to order food and book reservations in latest AI pushAs OpenAI leans into enterprise business, Apple and Google set sights on the massesPalantir's Karp says businesses are 'unhappy' with the frontier AI labsAmazon also allegedly pressed Levi's to ask Walmart to hike the price of its khaki pants, which were being offered for less than Amazon's listings. Walmart raised its prices, the filing states.

Representatives from Hanes, Levi's and AbbVie-owned Allergan didn't respond to requests for comment.

Bonta's office has asked a San Francisco Superior Court judge to prevent Amazon from engaging in the alleged price-fixing practices while the lawsuit proceeds. The office has also requested the court to appoint an independent monitor to oversee Amazon's compliance. The case is slated to go to trial in 2027.

"Amazon has strong-armed vendors into raising prices elsewhere or pulling products from competing retailers altogether so that Amazon can protect its profit margins," Bonta said Monday on a call with reporters. "That's not competition. It's price fixing, and under California law, it's illegal."

Amazon controls as much as 50% of the U.S. e-commerce market, based on various estimates. The company has long argued that its pricing policies enable it to keep prices low for consumers.

Several antitrust complaints take aim at its pricing mechanisms.

The Federal Trade Commission and 17 states sued Amazon in 2023, accusing it of wielding its monopoly power to squeeze merchants, resulting in higher prices on rival websites. Washington, D.C.'s attorney general sued Amazon in 2021 over its pricing polices, while European regulators have also scrutinized the issue.

Third-party sellers on Amazon, which account for more than 60% of goods sold by the retailer, have also argued that the company uses pricing algorithms to prevent it from offering lower prices elsewhere on the web. They say that doing so puts them at risk of losing the "Buy Box," or the portion of an Amazon listing where shoppers click "Buy Now" or "Add to Cart."

Analysts estimate that about 80% of Amazon sales flow through the Buy Box.

Bonta said his office released the new filings Monday to show how Amazon "coordinates" with vendors and major retailers, including Target, Walmart, Chewy, Best Buy and Home Depot, to raise prices across the market.

"We're not speaking generally anymore," Bonta told reporters. "We're calling out the conduct and the companies behind it."

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Key Takeaways Deckers Outdoor rides HOKA and UGG strength, with global demand and efficiency supporting growth.Abercrombie & Fitch posts 13 straight quarters of sales growth, driven by digital and brand momentum.Tapestry sees margin expansion and strong Coach demand, with raised fiscal 2026 revenue outlook. The Retail - Apparel and Shoes industry entered 2026 on a relatively stable note despite a volatile macroeconomic environment, with demand increasingly shaped by more selective, value-conscious consumers and faster-moving trends.

This space is benefiting from strong premiumization and digital momentum. Consumers are increasingly gravitating toward performance-driven, high-quality products that blend comfort, durability and style, supporting higher price points and stronger brand loyalty.

The Zacks-defined Retail – Apparel and Shoes industry is currently within the top 30% of the Zacks Industry Rank. Since it is ranked in the top half of the Zacks Ranked Industries, we expect it to outperform the market over the next three to six months.

Here, we recommend five apparel and shoes stocks with a favorable Zacks Rank for a stable portfolio. These are: Deckers Outdoor Corp. (DECK - Free Report) , Abercrombie & Fitch Co. (ANF - Free Report) , Levi Strauss & Co. (LEVI - Free Report) , Tapestry Inc. (TPR - Free Report) and Shoe Carnival Inc. (SCVL - Free Report) . Each of our picks currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The chart below shows the price performance of our five picks in the past month.

Image Source: Zacks Investment Research

Deckers Outdoor Corp.Deckers Outdoor continues to demonstrate solid momentum, driven by strong execution across its HOKA and UGG brands. HOKA remains the key growth engine, supported by expanding global demand, balanced channel performance and continued market share gains, while UGG is delivering steady growth off a larger base through disciplined marketplace management and brand relevance. 

DECK’s international markets are accelerating growth and diversification, strengthening long-term earnings visibility beyond the United States. At the same time, pricing discipline, cost controls and supply-chain efficiencies are supporting margin resilience despite external pressures. 

With a strong balance sheet, ongoing share repurchases and continued investment in product innovation and brand building, DECK is well-positioned to sustain growth, and create long-term shareholder value.

Deckers Outdoor has an expected revenue and earnings growth rate of 7.5% and 6.3%, respectively, for the current fiscal year (ending March 2027). The Zacks Consensus Estimate for the current fiscal year’s earnings has improved 0.6% over the last 60 days.

Abercrombie & Fitch Co.Abercrombie & Fitch has been benefiting from momentum across its Hollister brand and regions, which has been bolstering sales. ANF marked its 13th straight quarter of sales growth, delivering record fourth-quarter and fiscal 2025 net sales, supported by broad-based momentum across regions, brands and channels. 

ANF’s continued digital strength, localized merchandising strategies and contribution from new store openings and remodels have been yielding results. For the first quarter of fiscal 2026, ANF projected net sales to rise 1-3% from $1.1 billion recorded in the year-ago period. Our model expects sales to rise 3% for the first quarter and 4.5% for fiscal 2026.

Abercrombie & Fitch has an expected revenue and earnings growth rate of 4.3% and 8.6%, respectively, for the current fiscal year (ending January 2027). The Zacks Consensus Estimate for the current fiscal year’s earnings has improved 0.5% over the last 30 days.

Levi Strauss & Co.Levi Strauss designs and markets jeans, casual wear and related accessories for men, women and children under the Levi's, Dockers, Signature by Levi Strauss & Co. and Denizen brands. LEVI’s products are sold through chain retailers, department stores, online sites and brand-dedicated retail stores and shop-in-shops.

Levi Strauss has an expected revenue and earnings growth rate of 5.2% and 11.9%, respectively, for the current fiscal year (ending November 2026). The Zacks Consensus Estimate for the current fiscal year’s earnings has improved 2.7% over the last 30 days.

Tapestry Inc.Tapestry continues to strengthen its position as a leading global house of brands, driven by the strong performance of Coach. The core brand is effectively attracting Gen Z consumers, achieving growth in both unit volume and pricing power. This demand, along with a more focused portfolio after the strategic divestiture of lower-margin segments, is fueling TPR’s gross margin expansion and strong operating leverage. 

TPR’s adjusted gross margin rose 110 basis points in the second quarter of fiscal 2026. International markets, especially Greater China and Europe, are providing further opportunities for sustained growth. 

Supported by a strong balance sheet and higher capital returns, TPR is effectively resetting its earnings base. Management has raised its fiscal 2026 view, projecting revenues above $7.75 billion and EPS between $6.40 and $6.45.

Tapestry has an expected revenue and earnings growth rate of 11.2% and 26.5%, respectively, for the current year (ending June 2026). The Zacks Consensus Estimate for the current year’s earnings has improved 3.9% over the last 60 days. 

Shoe Carnival Inc.Shoe Carnival is one of the nation's largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands. SCVL sells its products through www.shoecarnival.com and www.shoestation.com, and through a related mobile app.

SCVL has an expected revenue and earnings growth rate of -0.1% and -21.1%, respectively, for the current year (ending January 2027). The Zacks Consensus Estimate for the current year’s earnings has improved 4.9% over the last 30 days. 

Key Dates and Disclosure Events Shareholders Need to Know

, /PRNewswire/ -- Levi & Korsinsky, LLP encourages investors who suffered losses in Navan, Inc. (Nasdaq: NAVN) to contact the firm. WHO IS AFFECTED: Those who purchased NAVN securities pursuant or traceable to the Company's October 31, 2025 IPO may be entitled to recover damages. Find out if you are eligible to recover losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

Navan's IPO priced at $25 per share on October 31, 2025. By early 2026, shares traded as low as $9.20, a loss of nearly $15.80 per share (63%). The window to apply for lead plaintiff closes on April 24, 2026.

June 20, 2025: The Draft Registration Statement

Navan filed its initial draft registration statement on Form S-1 with the SEC. The document set the stage for a public offering by touting 33% year-over-year revenue growth, 32% GBV growth, and a stable 7% usage yield. These figures became the foundation on which investors would later evaluate the IPO.

October 30, 2025: The Prospectus Goes Final

One day before trading began, Navan filed its final Prospectus. The document repeated claims of "rapid growth" and "increased demand" while listing generic risk factors about customer acquisition costs. The lawsuit contends the Prospectus failed to disclose that sales and marketing expenses for the quarter then ending had already surged 39% above the prior quarter.

October 31, 2025: IPO Day

The SEC declared the Registration Statement effective. Navan sold 36.9 million shares at $25 each, generating anticipated gross proceeds exceeding $920 million. Underwriters collected $36.7 million in commissions. On this same day, the quarter that would later reveal ballooning costs officially closed.

December 15, 2025: The Truth Surfaces

Navan filed its 10-Q for the quarter ending October 31, 2025, disclosing sales and marketing expenses of nearly $95 million versus $68.5 million the prior quarter. On the same earnings call, the CEO announced the CFO's imminent departure effective January 9.

December 16, 2025: Shareholders Bear the Cost

Shares fell almost 12% in a single session, closing at $12.90 on heavy volume. The decline continued in subsequent weeks.

Chronology of Material Events

June 20, 2025: Draft S-1 filed; growth metrics prominently featured October 10, 2025: Amended S-1 filed, maintaining same growth narrative October 30, 2025: Final Prospectus filed; no disclosure of 39% expense spike occurring that quarter October 31, 2025: IPO prices at $25; quarter with elevated expenses closes the same day December 15, 2025: 10-Q reveals $95 million in sales and marketing spend; CFO departure announced December 16, 2025: Stock drops almost 12% to $12.90 Submit your claim before the deadline or call (212) 363-7500.

"Timely disclosure of material developments is fundamental to fair and efficient markets. The sequence of events here raises important questions about whether investors received the information they needed before committing capital at the IPO price." -- Joseph E. Levi, Esq.

ABOUT THE FIRM -- For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years. Those wishing to serve as lead plaintiff must act by April 24, 2026.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

[email protected]

Tel: (212) 363-7500

Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP

Posted by Defense World Staff on Apr 25th, 2026

Broad Peak Investment Advisers Pte Ltd boosted its position in Levi Strauss & Co. (NYSE:LEVI – Free Report) by 66.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 445,300 shares of the blue-jean maker’s stock after purchasing an additional 177,800 shares during the quarter. Levi Strauss & Co. comprises 1.7% of Broad Peak Investment Advisers Pte Ltd’s holdings, making the stock its 15th biggest position. Broad Peak Investment Advisers Pte Ltd owned approximately 0.11% of Levi Strauss & Co. worth $9,236,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its stake in shares of Levi Strauss & Co. by 140.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,425 shares of the blue-jean maker’s stock worth $26,000 after purchasing an additional 833 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Levi Strauss & Co. by 260.5% in the third quarter. US Bancorp DE now owns 1,121 shares of the blue-jean maker’s stock worth $26,000 after buying an additional 810 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Levi Strauss & Co. by 133.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,286 shares of the blue-jean maker’s stock worth $51,000 after buying an additional 1,879 shares during the period. LSV Asset Management acquired a new position in shares of Levi Strauss & Co. in the third quarter worth about $117,000. Finally, Headlands Technologies LLC boosted its holdings in shares of Levi Strauss & Co. by 17,721.6% in the second quarter. Headlands Technologies LLC now owns 6,594 shares of the blue-jean maker’s stock worth $122,000 after buying an additional 6,557 shares during the period. Institutional investors and hedge funds own 69.14% of the company’s stock.

Analyst Ratings Changes Several brokerages have commented on LEVI. Needham & Company LLC reiterated a “buy” rating and issued a $28.00 target price on shares of Levi Strauss & Co. in a report on Wednesday, April 8th. Wall Street Zen upgraded shares of Levi Strauss & Co. from a “hold” rating to a “strong-buy” rating in a report on Saturday, April 11th. Telsey Advisory Group restated an “outperform” rating and set a $27.00 price target on shares of Levi Strauss & Co. in a report on Wednesday, April 1st. BTIG Research restated a “buy” rating and set a $27.00 price target on shares of Levi Strauss & Co. in a report on Wednesday, April 8th. Finally, Jefferies Financial Group assumed coverage on shares of Levi Strauss & Co. in a research report on Wednesday, February 4th. They issued a “buy” rating and a $25.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Levi Strauss & Co. presently has a consensus rating of “Moderate Buy” and an average target price of $26.77.

Check Out Our Latest Stock Analysis on LEVI

Insider Buying and Selling In other news, EVP Jason Gowans sold 40,000 shares of the company’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $21.83, for a total value of $873,200.00. Following the completion of the sale, the executive vice president directly owned 92,199 shares of the company’s stock, valued at $2,012,704.17. This represents a 30.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP David Jedrzejek sold 7,093 shares of the stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $21.38, for a total value of $151,648.34. Following the sale, the senior vice president directly owned 98,193 shares of the company’s stock, valued at approximately $2,099,366.34. The trade was a 6.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 281,108 shares of company stock worth $6,462,869 in the last 90 days. Corporate insiders own 1.08% of the company’s stock.

Levi Strauss & Co. Trading Down 0.7% Shares of LEVI stock opened at $22.34 on Friday. Levi Strauss & Co. has a 52-week low of $15.32 and a 52-week high of $24.82. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of 14.23, a P/E/G ratio of 1.70 and a beta of 1.34. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.97 and a current ratio of 1.58. The firm has a fifty day moving average of $20.54 and a 200-day moving average of $21.03.

Levi Strauss & Co. (NYSE:LEVI – Get Free Report) last posted its earnings results on Tuesday, April 7th. The blue-jean maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. Levi Strauss & Co. had a net margin of 9.52% and a return on equity of 25.35%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, equities research analysts forecast that Levi Strauss & Co. will post 1.5 earnings per share for the current fiscal year.

Levi Strauss & Co. Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 6th. Investors of record on Wednesday, April 22nd will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, April 22nd. This represents a $0.56 annualized dividend and a yield of 2.5%. Levi Strauss & Co.’s dividend payout ratio is 35.67%.

Levi Strauss & Co. Profile (Free Report)

Levi Strauss & Co is a global apparel company best known for its denim jeans and casual wear. Founded in 1853 in San Francisco by Bavarian immigrant Levi Strauss, the company pioneered the modern blue jean with the introduction of rivet-reinforced work pants. Over its more than 160-year history, Levi Strauss has evolved into a lifestyle brand, offering a broad portfolio that includes denim for men, women and children, as well as tops, outerwear, footwear and accessories.

The company’s flagship label, Levi’s®, is recognized worldwide for its iconic styles such as the 501® Original Fit Jeans, while additional brands, including Dockers®, Target core metric, and Denizen® by Levi’s, cater to diverse price points and consumer segments.

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Levi Strauss delivered strong Q1 2026 results, with double-digit sales growth across all channels and geographies. DTC channel growth is robust, now nearly 50% of sales, but EPS gains are largely from non-operating items like FX and legal settlements. Balance sheet strength and Dockers sale proceeds support share buybacks, yet macro headwinds—weak consumer confidence and high energy costs—pose risks.

Key Takeaways TPR posted 55% constant-currency revenue growth in Greater China in Q3'26.Tapestry saw Europe revenues rise 21%, driven by direct business and Gen Z customer growth.TPR raised the FY26 revenue outlook to $7.95B on strong international momentum. Tapestry, Inc. (TPR - Free Report) continues to build strong momentum across international markets, with Greater China, Europe and the broader Asia-Pacific regions emerging as key contributors to the company’s accelerating global growth. The company’s consumer-led strategy, localized marketing initiatives and direct-to-consumer business model are helping its brands resonate strongly with younger consumers across major international markets.

Greater China remained the strongest international growth driver in the third quarter of fiscal 2026, with revenues increasing 55% in constant currency. Tapestry noted that strong customer acquisition, robust digital demand and successful Chinese New Year campaigns fueled the outperformance. The company’s targeted investments, culturally relevant activations and focus on Gen Z consumers continue to strengthen brand desirability in the region. Management also stated that it remains well-positioned to sustain strong momentum in this large and important market going forward.

Europe also delivered strong results, with revenues growing 21% in constant currency, supported by healthy local consumer demand and rising Gen Z customer acquisition. Management emphasized that growth was primarily driven by the direct business, helping the company achieve notable market share gains. Tapestry believes Europe remains significantly underpenetrated and sees meaningful long-term opportunities to further expand its presence and consumer reach across the region.

Across the broader Asia-Pacific market, revenues in Other Asia increased 16%, led by strong performances in South Korea and Australia. The company also continued investing in immersive retail concepts, localized experiences and digital engagement initiatives globally, helping deepen customer relationships and strengthen international brand relevance.

Looking ahead, Tapestry raised its fiscal 2026 outlook following its strong quarterly execution and improving international momentum. The company expects fiscal 2026 revenues of $7.95 billion, indicating 16% pro-forma constant-currency growth. Management expects international momentum to remain solid across major regions. Tapestry anticipates mid-teens growth in North America, nearly 20% growth in Europe and more than 30% growth in Greater China. Other Asia is expected to post low-double-digit growth.

TPR’s Price Performance, Valuation & EstimatesShares of Tapestry have risen 30.7% in the past six months compared with the industry’s growth of 1%.

Image Source: Zacks Investment Research

From a valuation standpoint, TPR trades at a forward price-to-earnings ratio of 18.44X, up from the industry’s average of 14.33X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Tapestry’s fiscal 2027 earnings implies year-over-year growth of 36.3%, whereas the same for fiscal 2028 indicates an uptick of 7.4%. Earnings estimates for fiscal 2026 and 2027 have been increased by 48 cents and 38 cents, respectively, in the past seven days.

Image Source: Zacks Investment Research

TPR currently carries a Zacks Rank #2 (Buy).

Other Key PicksSome other top-ranked stocks are V.F. Corporation (VFC - Free Report) , Victoria's Secret & Co. and Levi Strauss & Co. (LEVI - Free Report) .

V.F. Corp designs, manufactures and markets branded apparel and related products in the United States and internationally. It flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for V.F. Corp’s current fiscal-year earnings and sales indicates growth of 10.8% and a decline of 3.2%, respectively, from the year-ago actuals. VFC delivered a trailing four-quarter average earnings surprise of 25.9%.

Victoria's Secret is a specialty retailer of women's intimates, sleepwear, apparel, sport and swimwear, and prestige fragrances and body care. It currently has a Zacks Rank of 2. The company delivered a trailing four-quarter earnings surprise of 55.1%, on average.

The Zacks Consensus Estimate for VSCO’s current fiscal-year sales and earnings indicates growth of 6.2% and 16.3%, respectively, from the year-ago reported numbers.

Levi Strauss designs and markets jeans, casual wear and related accessories for men, women and children. It currently carries a Zacks Rank #2.

The Zacks Consensus Estimate for Levi Strauss’ current fiscal-year earnings and sales suggests growth of 11.9% and 5.2%, respectively, from the year-ago actuals. LEVI delivered a trailing four-quarter average earnings surprise of 21.4%.