Levi's: share hit as targets cut

(CercleFinance.com) - Levi Strauss & Co.
shares fell by almost 7% in New York on Friday, the day after the jeans manufacturer lowered its annual forecasts.

The San Francisco, California-based group last night announced that it was only forecasting net sales growth of between 1.5% and 2.5% for the current financial year, compared with 1.5% to 3% previously.

Its adjusted EPS is now expected to between $1.10 and $1.20, instead of $1.30 to $1.40 previously.

The group posted a (token) net loss of $2m, compared with a net profit of $50m a year earlier, in particular due to an increase in advertising expenditure linked to the celebration of the 150th anniversary of the Levi's 501 - little to celebrate, as things stand.


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