BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Levi Strauss & Co. Beats Q1 2024 Expectations and Eyes Sustained Growth with Elevated Guidance
April 3, 2024, San Francisco – In a resounding start to the fiscal year, Levi Strauss & Co. (NYSE: LEVI) today unveiled its first-quarter results for the period ending February 25, 2024. Surpassing analyst expectations, the company has also positively adjusted its full-year guidance and celebrated a notable increase in its share price during after-market trading.
Key Financial Highlights:
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Net Revenues recorded at $1.6 billion, representing an 8% decline on a reported and constant-currency basis compared to Q1 2023. This decrease was primarily influenced by strategic shifts in wholesale shipments associated with the U.S. ERP implementation, affecting Q1 2024 by approximately $100 million or 6% of net revenues.
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Gross Margin improved to 58.2%, up by 240 basis points over the previous year, fueled by reduced product costs and favorable mix shifts.
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DTC Net Revenues surged by 7%, including a 10% growth in the U.S., emphasizing the company's direct-to-consumer focus. E-commerce revenues also saw a significant increase of 13% on a reported basis.
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Wholesale Net Revenues declined by 18% due to a $100 million negative impact from the shift in wholesale shipments related to the U.S. ERP implementation from Q2 to Q1 2023.
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Diluted Loss Per Share stood at $(0.03), impacted by restructuring charges, while the Adjusted Diluted EPS was $0.26.
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Shareholder Returns: The company has returned approximately $73 million to shareholders through dividends and share repurchases in Q1, with a declared dividend of $0.12 per share payable in May 2024.
Strategic Moves and Operational Efficiency:
Levi Strauss & Co. has reaffirmed its commitment to growth and operational excellence despite challenging market conditions:
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The company's strategic focus on its DTC business and e-commerce platform continues to pay dividends, as evidenced by the strong performance in these areas.
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Internationally, the company is expanding its footprint with the announcement of a franchise partnership agreement to develop two stores in the Dominican Republic, part of its broader global expansion strategy.
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Levi Strauss & Co. has raised its full-year 2024 earnings guidance, adjusting the EPS range to $1.17-$1.27 from the previously projected range of $1.15-$1.25, indicating a positive outlook for the remainder of the year.
Investor Reaction and Market Performance:
Following the announcement of the Q1 financial results, Levi Strauss & Co.'s stock experienced an 8% increase in after-market trading, showcasing investor confidence in the company's strategic direction and operational resilience.
Conclusion:
Levi Strauss & Co.'s Q1 financial results for fiscal year 2024 highlight the company's ability to navigate through market challenges with strategic foresight and operational efficiency. With a clear focus on expanding its DTC business, optimizing its global footprint, and returning value to shareholders, Levi Strauss & Co. is well-positioned for sustainable growth in the coming years.
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