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Levi Strauss & Co. (NYSE:LEVI ) Q1 2024 Earnings Conference Call April 3, 2024 5:00 PM ET Company Participants Aida Orphan - Vice President, Investor Relations Michelle Gass - President and Chief Executive Officer Harmit Singh - Chief Financial and Growth Officer Conference Call Participants Robert Drbul - Guggenheim Securities Laurent Vasilescu - BNP Paribas Dana Telsey - Telsey Advisory Group Jay Sole - UBS Oliver Chen - TD Cowen Christopher Nardone - Bank of America Merrill Lynch Tracy Kogan - Citi Alex Straton - Morgan Stanley Operator Good day, ladies and gentlemen, and welcome to the Levi Strauss & Company's First Quarter Fiscal 2024 Earnings Conference Call for the period ending February 23, 2023. All parties will be in a listen-only mode until the question-and-answer session, at which time, instructions will follow.

Shares in Levi Strauss & Co. (LEVI) jumped more than 8% in extended trading Wednesday evening after the maker jeans delivered a better-than-expected quarterly earnings report and raised its full-year profit guidance as it ramps up its direct-to-consumer (DTC) business.

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The headline numbers for Levi Strauss (LEVI) give insight into how the company performed in the quarter ended February 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Levi Strauss (LEVI) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.34 per share a year ago.

Levi's is seeing its direct-to-consumer (D2C) business gain share, with transformations to shoppers' digital journeys yielding strong eCommerce growth. The apparel company announced Wednesday (April 3) in its first quarter fiscal 2024 financial results that overall net revenue fell 8% year over year, dropping by 11% in the Americas.

Shares of Levi Strauss & Co. rallied after hours on Wednesday after the jeans maker bumped its full-year profit forecast higher, helped by cost cuts and optimism from executives on demand for new as well as older products in the U.S. and abroad.

The company tweaked its earnings forecasts for fiscal 2024 higher.

Levi Strauss & Co (NYSE:LEVI) shares gained more than 6% after Wednesday's closing bell after the apparel brand posted better-than-expected financial results for the fiscal first quarter and upped its full-year profit forecast. The company, known for its iconic jeans, posted adjusted earnings per share (EPS) of $0.26, ahead of estimates of $0.20, for the quarter ended February 25, 2024.

The jeans maker posted a quarterly loss following a restructuring charge and raised its outlook for the year as it refocuses its business model toward its direct-to-consumer channel to offset declining wholesale sales.