Levi Strauss & Co. LEVI said Thursday it had net income of $115 million. or 29 cents a share, for its fiscal fourth quarter through Feb. 26, down from $196 million, or 48 cents a share, in the year-earlier period. Adjusted per-share earnings came to 34 cents, ahead of the 32 cent FactSet consensus. Revenue rose 6% to $1.689 billion from $1.592 billion, also ahead of the $1.623 billion FactSet consensus. CFO Harmit Singh said the company managed to reduce inventory levels, a problem that has vexed apparel retailers of late as it forces them to discount product. “We are reaffirming our annual revenue and EPS guidance reflecting a cautious outlook on the macro-environment though we remain excited about the momentum in our DTC and international businesses,” he said in a statement. The company is still expecting full-year adjusted EPS of $1.30 to $1.40 and revenue of $6.3 billion to $6.4 billion. The stock slid 3.9% premarket and is down 7% in the last 12 months, while the S&P 500 SPX has fallen 9%.
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