Levi Strauss and Co. announced Thursday that net income for the third quarter of fiscal 2023 was $1.5 billion, almost unchanged compared with a similar quarter in 2022.
For the three months to August 27, net income declined 95% to $10 million, while diluted earnings per share fell $0.41 to $0.02. The company declared a dividend of $0.12 per share, totaling nearly $48 million. Levi Strauss expects reported net revenues for fiscal 2023 to be flat or up 1% year-over-year.
"As we look longer term, we remain confident in our ability to achieve our goals given the global strength of the Levi's brand, the momentum in our direct-to-consumer business globally, and the exceptional growth potential of our product portfolio and our international business," Chip Bergh, president, and chief executive officer of Levi Strauss & Co. said.
The company's shares dropped 3.10% after the release of the results to sell for $12.77.