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

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Shares of Levi Strauss surged after the company said its profits will be higher than expected in fiscal 2024 thanks to cost cuts, layoffs and fewer promotions.

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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