Levi Strauss Soars on Strong Earnings and Direct Sales Growth
Levi Strauss & Co's shares surged 20% to a more than two-year high as the jeans maker raised its annual profit forecast, driven by CEO Michelle Gass's cost-cutting initiatives and a focus on direct-to-customer (DTC) sales. The company's DTC channel accounted for nearly half of its total revenue in the first quarter, and the latest earnings drew positive reactions on Wall Street, with analysts expressing optimism about the business trajectory. CEO Gass highlighted increased popularity for loose fits and expressed confidence in Europe's growth in the second half, while some analysts cautioned about the risk of Europe not improving as expected.