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Why Levis Strauss Stock Dropped Today

TheMotleyFool

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Levi Strauss (NYSE: LEVI) stock tumbled 7% through 11:55 a.m. ET this morning after the company reported mixed earnings last night.

Analysts expected the company to earn $0.31 per share, adjusted for one-time items, and Levi beat that guess, reporting an adjusted profit of $0.33 per share in the fiscal third quarter, ended Aug. 25. However, the Street also wanted to see $1.55 billion in quarterly sales, and the most Levi could muster was $1.52 billion.

In fact, the company failed to grow its revenue at all in Q3 (although in "constant currency" management says sales should have grown 2%). The good news is the company did improve its gross profit margin by 440 basis points to 60%.

Source Fool.com

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