Levi Strauss & Co. (LEVI)
- 2Q26 Revenue: $1.56B, +7.6% YoY, beat estimates by $80M
- 2Q26 Non-GAAP EPS: $0.28, beat estimates by $0.04
- FY26 Guidance: Raised FY26 net revenue growth guidance to 7.0% to 7.5% from 5.5% to 6.5%, and raised adjusted diluted EPS guidance to $1.46 to $1.52.
- Dividend/Share buyback: Raised the quarterly dividend 14% to $0.16 per share. Management also referenced the existing $200M share repurchase initiative.
- Comment: This was a strong quarter. Revenue rose 8% to $1.56B, direct-to-consumer sales grew 11%, wholesale grew 5%, and growth was broad-based across the Americas, Europe, and Asia. Gross margin expanded 10 bps to 62.7%, while adjusted EBIT margin improved to 9.0%, indicating the DTC mix shift and broader product assortment are still supporting profitability. The main issue is that the stock reaction suggests expectations had already moved up. Even after the beat and guidance raise, shares fell about 5% after hours because the updated profit outlook was only around in line to slightly below what the market wanted, and management still acknowledged pressure on more value-sensitive consumers. The principal variables to monitor are DTC growth durability, traction outside core denim, margin resilience under tariff and sourcing pressure, and whether premium product momentum can continue broadening the customer base. 3Q26 recommended trading range: $20 to $40. Neutral Outlook.
Levi Strauss & Co.（LEVI)
- 26财年第二季度营收：15.6亿美元，同比增长7.6%，超出预期8000万美元
- 26财年第二季度非公认会计准则每股收益：0.28美元，超出预期0.04美元
- 26财年全年指引：上调全年净营收增长至7.0%–7.5%（原为5.5%–6.5%）；上调调整后稀释EPS至1.46–1.52美元
- 股息与回购：季度股息上调14%至每股0.16美元；提及现有2亿美元股票回购计划
- 短评：本季度表现强劲，增长全面且盈利改善。营收同比增长8%，直营渠道（DTC），批发业务亦增长5%；美洲、欧洲和亚洲三大区域均实现增长，显示品牌全球复苏态势稳固。毛利率微升10个基点至62.7%，调整后EBIT利润率提升至9.0%，反映DTC占比提升与产品组合优化（如高端线、非牛仔品类扩展）正有效支撑盈利能力。然而，市场反应偏负面——盘后股价下跌约5%。尽管业绩超预期且指引上调，但更新后的全年盈利展望仅略达或略低于市场期望，叠加管理层承认价格敏感型消费者仍承压，导致投资者在财报前已抬高预期后选择“利好出尽”式抛售。后续关键变量包括：（1）DTC增长能否持续，尤其在电商与旗舰店体验方面；（2）非核心牛仔品类（如女装、运动休闲、鞋履）的市场接受度；（3）在关税与供应链成本压力下，高毛利率能否维持；（4）高端产品线（如Levi’s Premium、Vintage Clothing）是否能持续吸引高消费力客群并扩大品牌边界。Levi’s正成功从经典牛仔品牌向多元化生活方式品牌转型，但短期估值已部分反映乐观预期。26财年第三季度建议交易区间：20美元至40美元。中性前景。
