)' shares tumbled more than 15% in premarket trade on Thursday after weakness in the denim maker's U.S. wholesale business led to downbeat second-quarter revenue.
"It was a good quarter but expectations were high with category tailwinds expected to drive strong results," said Citi Research analyst Paul Lejuez, adding that the wholesale business is still holding the company back. Consequently, gains from Levi's more profitable DTC business, which has focused on bringing in trendier styles and selling products at full prices, fell short of boosting overall revenue in the quarter.
Levi Strauss' median price-to-earnings multiple for the next 12 months, a common benchmark for valuing stocks, is 16.8, above the industry median of 14.2, according to LSEG data.
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