Levi Strauss shares surge 18% on raised profit guidance, holiday earnings beat

Shares of Levi Strauss popped 18% after it told Wall Street its profits will be higher than expected in fiscal 2024.

Levi's is also seeing record amounts of sales happening online and through its own shops instead of through department stores like Macy's and Kohl's, which come at a lower margin.Late Wednesday, Levi's announced its fiscal first quarter earnings and said it expects adjusted earnings per share for fiscal 2024 to be between $1.17 and $1.27, up from a previous range of $1.15 to $1.25.

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Levi Strauss's Direct-to-Consumer Business Booms, Accounts for Nearly 50% of RevenueLevi Strauss's direct-to-consumer business is booming and now accounts for nearly 50% of all revenue. The shift comes as department stores face an uncertain future in the U.S. and Levi's looks to grow its stores and website.
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